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Suspected memecoin rug factory tied to Robinhood Chain activity

A blockchain security firm said the consolidation wallet behind the scheme recorded about 3,589 ETH, roughly $9.5 million, across about 400 transactions in recent activity.

Reported · Written up by our desk · Market Structure

Blockchain security firm GoPlus identified a second suspected memecoin rug factory operating on Robinhood Chain, citing increasingly coordinated scam behavior on the fast-growing network, according to CryptoSlate.

GoPlus said the operation used batches of freshly created wallets to accumulate and sell memecoins, then swept proceeds into related addresses, with investigators pointing to a repeatable structure linking multiple token-launch groups.

The main consolidation wallet recorded about 3,589 ETH, worth roughly $9.49 million, across the latest 400 transactions as of Sept. 28, GoPlus said, noting the amount reflects gross flows rather than net profits or investor losses.

CryptoSlate reported that GoPlus also described how operators appeared to create tokens around popular narratives, distribute supply across wallets with little transaction history, sell through specific contracts, and then route ETH through local sweep mechanisms.

Latest closeEthereum $2,679.80 ▼0.3%

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