CryptoSlate
GoPlus identified a suspected memecoin operation on Robinhood Chain that routed more than $9 million through a shared consolidation network over 30 days. Its main wallet recorded about 3,589 ETH, or roughly $9.49 million, in two-way flows across its latest 400 transactions as of Sept. 28. GoPlus stressed that these are gross flows, not net profits or investor losses.
Why it matters
The suspected operation used batches of fresh wallets to buy and sell tokens, then swept proceeds through related addresses. That can make coordinated selling look like independent trading and obscure how much supply one group controls. GoPlus said the pattern differs from a conventional rug pull: its concern is coordinated ownership and exits, with proceeds apparently recycled into later launches.
The findings follow a separate investigation by on-chain researcher Wazz, who linked another suspected operation to about $18.43 million extracted across at least 53 launches over roughly two months. GoPlus said the clusters share characteristics, including wallet batches, Pons V2 infrastructure and capital moving between launches, but there is no evidence they are run by the same operators.
Market impact
Robinhood Chain, an Ethereum layer-2 launched July 1, surpassed $1.5 billion in total value locked in under 90 days. Token Terminal estimates the network generated about $50 million in revenue in roughly three months, including about $40 million in September. The growth brings more activity, but also raises the stakes of screening abusive launches.
Because contracts can function normally while ownership is concentrated across linked wallets, code checks alone may not catch these schemes. Wallets, launchpads and trading interfaces could use wallet-link and supply-concentration signals to warn users. Robinhood’s challenge is to support open access while limiting the reach of coordinated token operators.
Frequently asked questions
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How much activity did GoPlus trace to the suspected Robinhood Chain operation?
GoPlus said the operation routed more than $9 million through a common consolidation network over 30 days. Its main wallet recorded about 3,589 ETH in two-way flows across its latest 400 transactions.
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Do the reported wallet flows represent scam profits or investor losses?
No. GoPlus described the roughly $9.49 million in wallet activity as gross two-way flows, not net profits or investor losses.
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How can fresh wallets disguise coordinated memecoin selling?
Batches of seemingly unrelated wallets can sell in stages, making coordinated activity appear independent before proceeds converge in related addresses.
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Are the two suspected Robinhood Chain operations linked?
GoPlus said the operations share characteristics, including wallet batches and capital moving between launches, but there is no evidence they belong to the same operators.
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Why might contract checks alone miss these operations?
The suspected activity can involve normally functioning contracts while supply is concentrated across related wallets. Wallet-link and concentration analysis may therefore help identify risks that code checks miss.
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