Key facts
- Vlad.fun, a memecoin launchpad on Robinhood Chain, has suspended operations.
- The suspension is due to a 'serious internal integrity issue' involving team members.
- Noxa, another launchpad on Robinhood Chain, previously halted operations after earning $12 million in fees.
- Vlad.fun warned users about an unofficial token on its leaderboard shortly before its shutdown.
- Robinhood Chain was launched on July 1 as an Arbitrum-based Ethereum layer 2.
Vlad.fun, a memecoin launchpad operating on Robinhood Chain, has suspended its platform following the discovery of a 'serious internal integrity issue' involving members of its team. The project announced the shutdown on Wednesday, stating it is investigating the incident and seeking legal counsel. The nature of the alleged misconduct has not been disclosed.
This development follows the earlier halt of operations by Noxa, another launchpad on Robinhood Chain, which had generated approximately $12 million in fees. Noxa cited concerns over low-quality tokens as its reason for ceasing new token launches on July 11. The memecoin CASHCAT, which significantly drove activity on Noxa, has seen its market cap drop over 33% in 24 hours.
Robinhood launched its Arbitrum-based Ethereum layer 2 network, Robinhood Chain, on July 1. While intended for tokenized stocks and real-world assets, memecoins quickly became its dominant use case. Tokenized real-world assets on the chain currently hold a market cap of about $12.66 million, a fraction of CASHCAT's peak valuation.