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 wallets before reaching the wider consolidation cluster.

That structure can obscure how much of a token one operation effectively controls. Instead of one wallet dumping a concentrated position, dozens of seemingly unrelated addresses sell in stages, creating the appearance of independent market activity before the proceeds converge elsewhere.

GoPlus said the setup does not resemble a traditional rug pull, in which liquidity suddenly disappears, or buyers are prevented from selling. Its concern is the coordinated ownership and exit process behind apparently separate wallets , followed by recycling of the proceeds into subsequent launches.

The findings come after on-chain researcher Wazz identified another suspected serial-rug operation on Robinhood Chain that allegedly extracted about $18.43 million from at least 53 memecoin launches over roughly two months.