Rapid Growth Attracts Scammers to Robinhood Chain

A second suspected memecoin rug factory has emerged on Robinhood Chain, as the network's rapid growth attracts increasingly coordinated scam activity.

The operation, identified by blockchain security firm GoPlus, used batches of freshly created wallets to accumulate and sell tokens before sweeping the proceeds into related addresses. The main consolidation wallet recorded about 3,589 ETH (worth roughly $9.49 million) in two-way flows across its latest 400 transactions as of Sept. 28.

The setup does not resemble a traditional rug pull, but rather a coordinated ownership and exit process behind apparently separate wallets, followed by the recycling of proceeds into subsequent launches.

This is not the first suspected rug factory to emerge on Robinhood Chain. Earlier this month, on-chain researcher Wazz identified another operation that allegedly extracted about $18.43 million from at least 53 memecoin launches over roughly two months.