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Ex-Fortnite Star Accused of $3.5 Million Memecoin Scam by Blockchain Detective

Key Takeaways

  • Blockchain expert and ex-Fortnite pro Serpent is accused of $3.5M memecoin scams linked to hacked social media accounts;
  • ZachXBT's investigation ties Serpent to fraudulent schemes and gambling proceeds from compromised wallets;
  • Serpent allegedly erased his X posts after being exposed, raising concerns over trust in blockchain security figures.
Ex-Fortnite Star Accused of $3.5 Million Memecoin Scam by Blockchain Detective

An Australian blockchain security expert and ex-professional Fortnite player, known as Serpent, has been accused by blockchain investigator ZachXBT of involvement in memecoin scams totaling approximately $3.5 million.

Serpent's background includes being expelled from the esports organization Overtime in June 2020 for alleged cheating, as reported by gaming TV network Ginx.tv.

In 2022, he shared a guide on his now-suspended X account, Sentinel, outlining how scammers exploit inexperienced crypto users through fake websites, hacked verified accounts, phishing schemes, and fraudulent airdrops. He also warned about vulnerabilities in Google ads, as noted by blockchain security firm SlowMist.

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However, ZachXBT's investigation suggests a different narrative. He connected wallet addresses associated with Serpent to several memecoin scams conducted via compromised social media accounts. ZachXBT stated:

Over the past few months, I have been tracking a series of related compromises for McDonald’s, Usher, Kabosu Owner, Andy Ayrey, Wiz Khalifa, SPX 6900, etc on X & IG which has resulted in an estimated $3.5M+ stolen via launching Pump Fun meme coins.

A wallet connected to Serpent’s earlier project, “ERROR”, supposedly served as a gateway for executing these schemes.

Adding to the accusations, ZachXBT pointed out that proceeds from these fraudulent activities were reportedly gambled away by Serpent on online casino platforms. The investigator supported this claim with video evidence showing the same deposit and withdrawal wallet addresses linked to both the gambling activities and the hacked accounts.

Following the release of the first part of ZachXBT's investigation on November 26, Serpent began deleting all posts from his new X account.

While the allegations against Serpent highlight the risks of crypto scams, they’re just the tip of the iceberg. Just last week, another scheme involving scammers posing as Coinbase surfaced, pulling in five figures weekly. How did they manage to fool so many? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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