Blockchain investigator ZachXBT implicated a former professional Fortnite player, known as Serpent, in a series of memecoin scams that allegedly resulted in the theft of more than $3.5 million. On November 27, ZachXBT published a detailed investigation suggesting that Serpent-linked wallet addresses were heavily associated with fraudulent memecoin Pump.fun schemes. These scams allegedly targeted hacked social media accounts belonging to high-profile figures, including McDonald’s, Usher and Wiz Khalifa.
Serpent, who was previously a member of the esports organization Overtime, was kicked out of the group in June 2020 due to cheating allegations. After his playing career ended, he renamed himself a cybersecurity analyst. However, ZachXBT’s findings claim that Serpent was actively involved in blockchain fraud, undermining his self-proclaimed cybersecurity expertise.
Funds routed through fraudulent wallets
The investigation highlighted that Serpent’s Project ERROR appeared to operate as a sweepstakes, where funds were diverted and routed through wallets linked to other scams involving high-profile social media account breaches. Victims of these scams included figures such as Dean Norris, the owner of Kabosu, and even the Enoshima Aquarium.
According to ZachXBT, the stolen funds were used for online gambling, with the investigator providing evidence linking the casino’s deposit and withdrawal addresses to wallets associated with the fraudulent schemes. These findings established a direct link between financial losses resulting from scams and Serpent’s alleged activities in the blockchain space.
Following the publication of this information on November 26, Serpent began deleting posts from his X account (formerly Twitter). This action coincided with growing scrutiny of its role in orchestrating 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 to avoiding phishing attempts, fake websites, and account breaches on his account X now suspended. These warnings appeared contradictory to allegations that he was involved in activities targeting and exploiting the cryptocurrency community.
During this period, Serpent gained attention for highlighting vulnerabilities in Google ads, with blockchain security firm SlowMist recognizing his contributions. Despite these efforts, ZachXBT’s findings suggest that Serpent’s actions in the crypto space caused significant financial harm due to his alleged role in the memecoin fraud.
Ongoing spin-offs
The allegations against Serpent revealed inconsistencies between his claimed cybersecurity expertise and his alleged involvement in scams. The detailed evidence presented by ZachXBT, including transaction data and wallet links, paints a disturbing picture of someone who presented himself as a protector of digital security while engaging in fraudulent schemes.
This case is a stark reminder of the risks associated with unverified claims of expertise in the blockchain and cryptocurrency sectors. As the review continues, the revelations could lead to further investigations into Serpent’s activities and the broader implications for trust within the crypto ecosystem.