Robinhood Chain Rug Factories Multiply Amid Explosive Growth

Robinhood Chain has seen rapid growth since its launch in July, crossing $1.5 billion in total value locked as of press time.

A second suspected memecoin rug factory has emerged on Robinhood Chain, according to blockchain security firm GoPlus.

The operation used freshly created wallets to accumulate and sell tokens before sweeping the proceeds into related addresses, with a main consolidation wallet recording about 3,589 ETH, worth roughly $9.49 million, over the past 30 days.

GoPlus noted that this figure represents gross flows rather than net profits or investor losses, but warned that the setup obscures how much of a token one operation effectively controls.