Blockchain investigator ZachXBT has implicated a former professional Fortnite player, known as Serpent, in a series of memecoin scams that reportedly resulted in the theft of over $3.5 million. On November 27, ZachXBT published a detailed investigation suggesting that wallet addresses linked to Serpent were heavily associated with fraudulent Pump.fun memecoin schemes. These scams reportedly targeted hacked social media accounts belonging to high-profile individuals, including McDonald’s, Usher, and Wiz Khalifa.
Serpent, who was previously a member of the esports organization Overtime, faced expulsion from the group in June 2020 due to allegations of cheating. After his gaming career ended, he rebranded himself as a cybersecurity analyst. However, ZachXBT’s findings claim that Serpent has been actively involved in blockchain fraud, undermining his self-proclaimed expertise in cybersecurity.
Funds Funneled Through Fraudulent Wallets
The investigation highlighted that Serpent’s ERROR project appeared to function as a rug pull, where funds were misappropriated and routed through wallets linked to other scams involving high-profile social media account breaches. Victims of these scams reportedly included prominent figures such as Dean Norris, the owner of Kabosu, and even Enoshima Aquarium.
According to ZachXBT, the stolen funds were used for online gambling, with the investigator providing evidence linking casino deposit and withdrawal addresses to wallets associated with the fraudulent schemes. These findings established a direct connection between the financial losses from the scams and Serpent’s alleged activities in the blockchain space.
Following the public release of this information on November 26, Serpent began removing posts from his X (formerly Twitter) account. This action coincided with growing scrutiny over his role in orchestrating the memecoin scams.
Contradictions in Cybersecurity Claims
Serpent had previously positioned himself as a cybersecurity expert, launching a threat mitigation system named Sentinel in 2022. He also shared guides on avoiding phishing attempts, fake websites, and account breaches on his now-suspended X account. These warnings appeared contradictory to the allegations of his involvement in activities that targeted and exploited the cryptocurrency community.
During this period, Serpent gained attention for highlighting vulnerabilities in Google ads, with blockchain security firm SlowMist acknowledging his contributions. Despite these efforts, ZachXBT’s findings suggest that Serpent’s actions in the crypto space caused significant financial harm through his alleged role in memecoin fraud.
Ongoing Fallout
The allegations against Serpent have exposed inconsistencies between his proclaimed expertise in cybersecurity and his alleged involvement in scams. The detailed evidence presented by ZachXBT, including transaction data and wallet links, paints a troubling picture of someone who presented themselves as a protector of digital security while engaging in fraudulent schemes.
This case serves as a stark reminder of the risks associated with unverified claims of expertise in the blockchain and cryptocurrency sectors. As scrutiny continues, the revelations may prompt further investigations into Serpent’s activities and the broader implications for trust within the crypto ecosystem.
