GoPlus Reveals Robinhood Chain Meme Fraud Factory, Industrialized Token Issuance
The GoPlus security team reported the discovery of a high-risk fraudulent Meme factory on the Robinhood Chain, with over $9 million in two-way transactions in the past 30 days, involving hundreds of tokens. The aggregation address 0x8c3Bad30cc7563A2D0357F49509FFd063666bb00 had a balance of approximately 56.0635 ETH, worth about $148,000, as of September 28; this address had about 1385 transactions, with the last 400 transactions generating approximately 1728.02 ETH in income and transferring out about 1861.12 ETH, totaling around 3589.14 ETH, equivalent to about $9.49 million. The amounts represent the gross inflow into the aggregation system and do not reflect net profit.
Associated high-risk tokens all exhibited a pattern of "authorizing or selling tokens - liquidating ETH - transferring to the same aggregation address." The model involves issuing tokens based on trends, distributing chips to new external accounts with only 4 to 11 transactions, selling in segments through PonsV2Helper or UniversalRouter, and then withdrawing ETH to local aggregators or the main address 0x8c3bad to fund the next round of projects, new wallets, and transactions. In ten samples, a single token used 3 to 8 new wallets, with single token withdrawals ranging from 2 to 13 ETH. The key point is to use a large number of new wallets to hide concentration, creating the illusion of multiple independent traders through segmented selling, with funds returning to the same system for reinvestment in the next round. This model does not rely on withdrawing liquidity or prohibiting sales.
On-chain researcher Wazz previously linked 53 token issuances on the Robinhood Chain from July 10 to September 21 to the same operation, directly extractable on-chain for at least $18.43 million, and stated that the actual amount could be higher. The method involved controlling most of the supply with 70 to 200 wallets, with some launches on Pons V2 exempting selected addresses from anti-sniping taxes, consuming up to about 86% of the supply within seconds. The top single token extraction amounts were CRUMBS at about $3.12 million, LEGS at about $2.90 million, and PINK at about $1.44 million, with most dropping over 99% from their peaks. Approximately $18.11 million remains on the Robinhood Chain and Ethereum holding addresses. GoPlus stated that both cases extensively used Pons V2, batch wallets, unified aggregation, and profit cycles, but there is currently no evidence to suggest they are from the same group.
The Robinhood Chain went live on the mainnet on July 1, and GoPlus previously counted about 324,000 token launches on the chain, with 32% valued in official stock tokens; Pons ledger shows that from July 13 to September 27, Pons alone issued about 899,000 tokens from approximately 453,000 addresses. Sellers treat the launchers as assembly lines, while buyers treat new tokens as independent trades with retail and bots. The event-driven nature comes from the density of launches and the exemption from anti-sniping taxes, with funds flowing from new token buyers into aggregation addresses and then back to launches. The beneficiaries are those controlling the funding keys and aggregators, while the pressured parties are traders who treat transaction volume as organic order books.
Source: Public Information
ABAB AI Insight
GoPlus follows Wazz, not discovering another type of scam, but rather a second factory rhythm on the same chain. Wazz's group used 70 to 200 wallets to buy up over 70% of the supply, relying on tax exemptions at launch; GoPlus's group used new addresses with 4 to 11 transactions to segment sales, withdrawing only 2 to 13 ETH per token, relying on thin margins. Both lines treat Pons V2 as a machine, with the only difference being batch sizes. The recent 400 transactions at the aggregation address have nearly 3589 ETH in and out, with only 56 ETH remaining, indicating that the factory does not hoard tokens but merely circulates them.
The capital path is to exchange hot narratives for liquidity, and liquidity for the next round of gas fees and new addresses. The Robinhood Chain has turned tokenized stocks into valuation objects, with launchers writing "stock narrative + Meme" as the default trading pair, allowing the factory to schedule production according to news calendars. With 899,000 tokens and 453,000 addresses, new accounts with 4 to 11 transactions become statistically invisible. Money flows from the counterparty buying new tokens into UniversalRouter, then into 0x8c3bad, and then to open the next contract. Approximately $18.11 million from the Wazz case remains on-chain, while the GoPlus case's flow is gross; both sets of numbers cannot be considered as realized net profits but can be viewed as capacity indicators.
This is analogous to the pump.fun factory on Solana, the Stealth Launch distribution on Ethereum, and early BSC's salt wallet wash trading. The industry phase is Layer 2 using low fees to increase launch density, which in turn transforms "independent traders" into mass-producible disguises. In the two months since the Robinhood Chain's launch, DEX transactions have reached about $34.6 billion, while compressing two years of launch risks into the same window. Traditional rug pulls are easily recognizable; factory operations keep the pool intact, break up chips, and make the K-line appear as organic trading.
Structural judgment belongs to market structure reconstruction under technical substitution. The mechanism is that launch contracts script the steps of creation, distribution, and routing sales; anti-sniping taxes should increase the cost of opening the market but have become a switch that can be turned off for internal addresses. Pricing power has shifted from "is there anyone buying this token" to "who can mass-produce a market that looks like someone is buying." The chain does not need to conspire as a single group; as long as launchers, routers, and aggregation addresses are reusable, factories will appear in parallel. If regulators only focus on withdrawing liquidity, they will miss this cycle that treats profits as capital for the next round.
ABAB News · Cognitive Laws
New addresses are not new traders; they are new packaging.
Flow is the factory's speed, not profit.
If tax exemptions can be internally activated, anti-sniping becomes an internal purchase channel.