Robinhood Chain scam ring linked to repeated meme coin launches, GoPlus says

Blockchain security firm GoPlus said on X it had identified a group on Robinhood Chain that repeatedly issued hundreds of fraudulent meme coins. According to GoPlus, the group spent the past 30 days distributing tokens across multiple new wallets before selling them, then consolidating the ETH raised through multiple addresses and redeploying it into new token issuance and trading. GoPlus said a key address tied to the funds showed total flows of about 3,589 ETH, or $9.49 million, across 400 recent transactions. The firm said the figure reflects gross transaction volume, not net profit or investor losses. Earlier, on-chain analyst Wazz disclosed a separate group that used a similar method to issue more than 53 meme coins and siphon off about $18.43 million, but GoPlus said there is no evidence the two groups are the same entity.