A pseudonymous trader says a group made more than $6 million by buying two Robinhood Chain memecoins before their Robinhood listings. The trader points to a public BitGo code change and Wintermute's onchain activity as the signals. The Block confirmed several public records but could not verify the profit figures.
A trader posting on X as @3i said their group profited more than $6 million by buying Cash Cat and PONS ahead of their Robinhood listings. The trader laid out the "edge" in an article that has drawn more than 300,000 views.
The Block confirmed several of the public records the trader cites and found wallet activity that matches parts of the timeline. It could not verify the profit figures.
A clue in BitGo's public repository
According to 3i, the pair began tracking Wintermute's wallets on Robinhood Chain and BitGo's GitHub activity after noticing that Wintermute had moved tokens to Robinhood about an hour before earlier memecoin listings were announced.
A BitGo developer opened a pull request in the company's public BitGoJS repository on July 27 to add Cash Cat to its Robinhood Chain token list. Robinhood didn't list the token until Aug. 6, ten days after the pull request.
Wintermute's approval is the final signal
The trader says the pair had accumulated 1.5% of Cash Cat's supply in the days after the pull request. They waited for a stronger signal, and on Aug. 3 at 1:48 p.m. ET their monitoring bot caught Wintermute approving the trading pool, according to 3i.
About half an hour later, a wallet the pair suspected belonged to a Robinhood insider placed an $11,000 limit order for the memecoin. The pair then bought more than $1 million worth of Cash Cat at once, bringing their holdings to around 4% of supply, 3i wrote.
Onchain data reviewed by The Block shows a wallet bought about 15 million tokens, or 1.5% of the supply. The Block could not confirm who controls the wallets.
The PONS repeat and the insider case
3i said the pair repeated the trade with PONS, began buying on Aug. 28 and made $2 million with friends. The trader added that most of the advantage has since faded.
The story lands after the Department of Justice charged two former Robinhood engineers on Sept. 15 with commodities fraud and wire fraud for allegedly front-running listings on Hyperliquid.
Source: The Block
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