Robinhood Chain’s $1.5 billion boom is attracting memecoin rug factories

A second suspected memecoin rug factory has surfaced on Robinhood Chain as the fast-growing network attracts increasingly coordinated scam activity.On Sept. 28, blockchain security firm GoPlus said it identified a high-risk operation behind hundreds of memecoins that routed more than $9 million through a common fund-consolidation network over the past 30 days.The operation used batches of freshly created wallets to accumulate and sell tokens before sweeping the proceeds into related addresses, according to GoPlus. Its main consolidation wallet recorded about 3,589 ETH, worth roughly $9.49 million, of two-way flows across its latest 400 transactions as of Sept. 28.GoPlus noted that the figure represents gross flows rather than net profits or investor losses. The security firm said the wallet activity nonetheless exposed a repeatable structure in which proceeds from one group of launches appeared to finance the next.Operators would create a token around a popular narrative, distribute supply among fresh wallets with little transaction history, and sell through contracts including PonsV2Helper and UniversalRouter. ETH generated from those sales was then routed through local sweep wall...