preferred on
Points of Focus
- GoPlus traced a second suspected Robinhood Chain memecoin operation to $9.49 million in gross flows.
- The finding follows a separate cluster linked to 53 launches and $18.43 million in extracted funds.
- Both operations show similar wallet and capital-recycling patterns, but no evidence links them to the same group.
A second suspected memecoin “rug factory” has emerged on Robinhood Chain, adding to evidence that coordinated operators may be turning rapid token launches into repeatable extraction operations rather than relying on traditional one-off rug pulls.
GoPlus Security said it identified a high-risk cluster involving hundreds of memecoins and a consolidation wallet that processed 3,589 Ether (ETH), or $9.49 million, in two-way flows across its latest 400 transactions.
⚠️ Another meme rug factory just lit up on Robinhood Chain. 30-day flow: $9M+.
On-chain researcher Wazz recently flagged a suspected serial-rug crew that spun up at least 53 Robinhood Chain memes in ~2 months and pulled about $18.43M. Playbook: 70–200 wallets sit on most of the… https://t.co/BgwRaSApTx pic.twitter.com/Ch9AwqszTQ
— GoPlus Security 🚦 (@GoPlusSecurity) September 28, 2026
The above figure represents gross transaction flow, not estimated profit.
According to blockchain security company GoPlus, the wallet received 1,728 ETH and sent 1,861 ETH during this period, emphasizing the scale of the operation rather than its earnings.
As of Sept. 28, 2026, the address recorded 1,385 transactions and held 56.06 ETH (worth roughly $148,000).
A rug without the classic rug pull
The operation is notable for how the alleged extraction works.
Rather than preventing holders from selling or suddenly removing liquidity, GoPlus said operators distribute token supply across large numbers of fresh externally owned accounts, many with only four to 11 previous transactions.
Those wallets then sell tokens in separate tranches through PonsV2Helper or UniversalRouter. ETH proceeds move through intermediate wallets before converging on the same consolidation cluster.
The result can resemble selling by unrelated holders while obscuring the underlying concentration of token ownership.
GoPlus said proceeds can then be recycled to fund another set of wallets and another token launch.
That pattern resembles, but is not identical to, a separate operation identified by onchain researcher Wazz on Sept. 27.
Wazz linked at least 53 Robinhood Chain launches over two months to a suspected serial-rug operation and estimated that $18.43 million had been extracted.
I just uncovered the biggest serial Rugpulling and Extraction operation on Robinhood
The same operation is linked 53 launches within a 2 month period
Total Extracted: $18.43 MILLION
very likely more this is just what I could directly link
🧵 https://t.co/wS62KAbvv5 pic.twitter.com/BSxZL9wU44
— Wazz (@WazzCrypto) September 27, 2026
In that cluster, Wazz said groups of 70-200 wallets controlled more than 70% of supply in some launches, with proceeds from earlier tokens appearing to finance subsequent launches.
Same playbook, not necessarily the same operator
While GoPlus highlighted structural overlaps between the two clusters, such as Pons v2 usage, wallet masking, coordinated selling, and shared sweep addresses, it explicitly stated there is no proof of shared ownership.
Similar tactics demonstrate a common playbook rather than a single operator.
This shift changes how security analysts must evaluate memecoins. Unlike blunt rug pulls that immediately drain liquidity or prevent trading, these operations mask concentrated supply and offload tokens under the guise of normal market volume across vast wallet networks.
Ultimately, the second cluster proves that modern token-risk analysis must look beyond basic sell availability and focus on whether ostensibly independent market participants are actually operating together.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency prices are highly volatile. Always conduct your own research before making investment decisions.
Share
Most read articles
