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.
