Robinhood Chain Faces Surge in Coordinated Memecoin Rug Pulls

Blockchain security firm GoPlus has identified a high-risk operation on Robinhood Chain involving hundreds of memecoins that funneled over $9 million through a consolidation network in the past 30 days. The operation uses batches of new wallets to accumulate and sell tokens, creating the appearance of independent market activity before funneling proceeds into a central cluster. This follows a previous report by researcher Wazz regarding another suspected serial rug-pull operation that extracted $18.4 million from 53 launches.