A cryptocurrency scam involving memecoins worth $3.5 million has implicated Serpent, a former professional Fortnite player. ZachXBT, a blockchain investigator, discovered linkages between Serpent’s cryptocurrency wallets and fraudulent memecoin operations, as well as corrupted celebrity and corporate social media profiles.
ZachXBT stated on November 27 that Serpent was involved in advertising memecoins using stolen accounts belonging to McDonald’s, Usher, and Wiz Khalifa. The hoax, centered on Pump.fun memecoins, allegedly employed pump-and-dump methods to defraud naive investors.
Previously involved with the esports organization Overtime until his ejection in 2020 for alleged cheating, Serpent has reinvented himself as a cybersecurity specialist and the founder of Sentinel, a threat mitigation platform. However, the most recent claims highlight a stark contrast between his public appearance and his alleged fraudulent operations.
ZachXBT’s investigation revealed Serpent’s involvement in high-profile account hacks, including those of McDonald’s and Dean Norris, to push fraudulent coins. Wallet addresses associated with Serpent’s ERROR project revealed links to these fraudulent activities.
The investigation also said that Serpent channeled stolen monies into internet gaming. Casino deposit and withdrawal records revealed addresses associated with compromised accounts and fraud revenues.
Serpent had previously portrayed himself as an advocate for online safety, giving tips on avoiding phishing schemes and identifying flaws in systems such as Google Ads. Given his apparent involvement in manipulating the cryptocurrency community, his claims of competence appear to be incongruous.
After ZachXBT’s discoveries were published, Serpent started removing content from his social media accounts, which raised further concerns.
The case demonstrates the growing vulnerabilities in the bitcoin space, where unproven claims of knowledge can conceal harmful intent. As the sector deals with the aftermath, this tragedy highlights the significance of care and due diligence in digital asset investments.
This growing narrative is a sobering warning that even trustworthy persons can abuse their positions, resulting in substantial financial devastation.
