GoPlus identified a group on Robinhood Chain that repeatedly issued hundreds of fraudulent meme coins. Over the past 30 days, the group distributed tokens across multiple new wallets, sold them, consolidated the ETH raised through several addresses and reused the funds for new token issuance and trading. A key address linked to the funds recorded about 3,589 ETH, or $9.49 million, across 400 recent transactions. GoPlus said that amount represents gross transaction volume rather than net profit or investor losses. Separately, on-chain analyst Wazz disclosed a group that used a similar method to issue more than 53 meme coins and divert about $18.43 million, although GoPlus found no evidence that the two groups were the same entity.