Blockchain security firm GoPlus identified a coordinated memecoin operation on Robinhood Chain routing over $9 million through shared consolidation addresses, marking the second suspected rug factory to surface on the fast-growing Ethereum layer-2 network.
GoPlus detected the operation on September 28, finding that it moved more than $9 million through a common fund-consolidation network over the past 30 days. The operation created tokens around popular narratives, distributed supply among fresh wallets with minimal transaction history, and executed sales through contracts including PonsV2Helper and UniversalRouter. ETH generated from sales was routed through local sweep wallets before reaching the wider consolidation cluster.
The setup differs from traditional rug pulls where liquidity suddenly disappears or buyers are prevented from selling. Instead, the operation appears designed to obscure supply concentration and move capital efficiently across multiple launches.
A Second Operation Emerges
On-chain researcher Wazz identified another suspected serial-rug operation on Robinhood Chain that allegedly extracted approximately $18.43 million from at least 53 memecoin launches. Wazz’s identified operation used groups of 70 to 200 wallets to acquire large portions of supply shortly after launch, often leaving the cluster with over 70% of a token.
GoPlus noted the two operations share characteristics including heavy use of Pons V2 infrastructure, large wallet batches to disguise supply concentration, and capital moving from one launch into the next. However, GoPlus cautioned there is no evidence the two clusters belong to the same operators.
The newer operation identified by GoPlus relies more heavily on fresh wallets followed by consolidation, while the Wazz-linked group used larger clusters positioned to control supply early in the launch, suggesting different operational structures despite the shared characteristics.
Rapid Growth and Escalating Activity
Robinhood Chain went live on July 1 and crossed $1.5 billion in total value locked in less than 90 days. Token Terminal estimates Robinhood Chain generated approximately $50 million in revenue in roughly three months. In September alone, Robinhood Chain revenue jumped to $40 million.
The network’s rapid expansion appears to have attracted increasingly coordinated scam activity. The main consolidation wallet in the GoPlus-identified operation held 3,589 ETH, valued at approximately $9.49 million as of the detection date, with 400 recent transactions recorded by September 28.
Robinhood, the American financial services company backing the chain, has 28.6 million funded customers and approximately $384 billion in assets under management. The company has not publicly disclosed whether it plans to implement wallet warnings or concentration screening in response to the detected operations.
