Investors utilizing the newly launched Robinhood Chain are facing a swathe of scammy “honeypot” tokens that result in the total loss of funds traded for those specific assets. Relay Protocol, a major cross-chain interoperability platform, confirmed it is aware of user reports regarding tokens disappearing from wallets immediately following purchase.
Key Takeaways
Relay Protocol says it is actively blocking scam tokens after reports of wallet drains on the new Robinhood Chain.The Robinhood Chain, live since July 1, 2026, is reportedly seeing high scam meme coin activity due to its permissionless nature.Traders should only trade verified tokens and perform small test swaps to protect assets from 100% loss.“There’s been an increase in scam tokens designed to remove themselves after purchase,” Relay Protocol stated in a social media update. “If you bought one, the funds you spent are unfortunately gone. We’re blocking these tokens as they show up and verifying safe ones”.
How the Honeypot Works Simply an Old Scam on a New ChainTo mitigate risk, traders should check the contract address for legitimacy and perform a test swap with a negligible amount of capital before committing larger sums. Furthermore, if a token displays unusual market behavior, such as heavy buying pressure with zero selling activity, it is a significant red flag that the asset may be a honeypot.
