A former Fortnite pro, Serpent, is accused of a $3.5 million memecoin scam involving hacked celebrity accounts and online gambling.
Former professional Fortnite player, known as Serpent, has been accused of orchestrating a massive $3.5 million memecoin scam. Blockchain investigator ZachXBT revealed that Serpent was linked to a series of fraudulent schemes involving hacked social media accounts of high-profile individuals, including McDonald’s and Usher. The investigation suggests that Serpent misappropriated funds through various pump-and-dump tactics, raising serious questions about his credibility as a cybersecurity expert.
ZachXBT's investigation, published on November 27, 2024, highlights Serpent's involvement in multiple scams that exploited compromised accounts. These scams targeted well-known figures, using their credibility to promote fraudulent cryptocurrencies. The investigation revealed that Serpent's ERROR project was directly linked to these scams, raising alarms about his activities in the crypto space.
The scams operated through a series of account takeovers (ATOs) that allowed Serpent to promote fake memecoins. Notable incidents include:
According to the findings, the stolen funds were funneled into various online gambling platforms, including Stake and Roobet. Evidence suggests that Serpent engaged in significant gambling activities with the proceeds from these scams, further complicating his legal situation.
Following the release of the investigation, Serpent began deleting posts from his social media accounts, indicating a potential attempt to distance himself from the allegations. This reaction has intensified scrutiny over his past claims of being a cybersecurity expert, especially given his previous expulsion from the esports organization Overtime for cheating.
The crypto community has expressed outrage over the allegations, with many victims demanding accountability. Observers are questioning the role of social media platforms in enabling such scams, highlighting the need for better security measures to protect users from similar fraudulent activities in the future.
The case of Serpent serves as a cautionary tale about the vulnerabilities within the cryptocurrency ecosystem and the risks associated with unverified claims of expertise. As investigations continue, the implications of this scandal may lead to broader discussions about trust and security in the digital age.
