Crypto investigator ZachXBT connected former pro-Fortnite player Serpent to a $3.5 million meme coin scam and celebrity account hacks.
Bitcoin’s price is approaching $100,000, rendering the crypto market the focal point of attention.
Nevertheless, investors are currently also focused on an additional incident. ZachXBT, a renowned crypto investigator, made a significant discovery regarding a crypto scam, which connected a professional gamer to a $3.5M meme coin scam.
More importantly, these meme coin scam were also associated with significant celebrity social media account breaches, scam promotions, and much more.
The crypto industry had established itself as one of the largest financial entities, with a global market capitalization of $3.31T at one point.
Nevertheless, the increasing prevalence of crypto scams, larceny, and money laundering is a cause for concern.
Even Changpeng Zhao expressed his dissatisfaction with memecoin and the increasing number of frauds.
ZachXBT Reveals $3.5M Meme Coin Scam, Man Responsible
In 2024, the crypto market encountered numerous wallet hacks, rug draw scams and other alarming scams.
Nevertheless, the most prevalent scams were the propagation of cryptocurrency-related scams and celebrity account hacks.
ZachXBT, a renowned crypto investigator, conducted an analysis of nine celebrity account hacks and the meme currencies that were involved in light of the increasing number of cases.
He arrived at the conclusion that there is a correlation between all of these breaches.
Furthermore, he asserted that Serpent, a professional Fortnite competitor, is the mastermind behind this.
The $3.5M meme coin scam was linked to this professional gamer by ZachXBT, who confirmed that he used multiple Pumps.Fun memecoin and pump-and-dump strategies to generate millions.
The Serpent’s ERROR project wallet, which interacted with the wallets of every social media infiltrator directly or indirectly, was the most surprising connection.
1/ An investigation into how the threat actor Serpent went from a pro Fortnite player to helping steal $3.5M via meme coin scams launched from 9+ account compromises on X & IG and gambling the proceeds away at online casinos. https://t.co/zR6QtuQW8a pic.twitter.com/Y8ovnEnQgj
— ZachXBT (@zachxbt) November 27, 2024
Serpent is recognized as a blockchain security analyst and professional combatant.
Even though he is the founder of the Sentinel, a threat mitigation system, recent reports have associated him with fraud, resulting in a significant controversy.
More importantly, he fraudulently obtained $3.5 million and subsequently lost it in online casinos.
Serpent’s deletion of numerous X posts immediately following ZachXBT’s allegations escalated the controversy.
Dissecting Serpent’s Crypto Scam
ZachXBT disclosed his discovery to the crypto community in a comprehensive X post.
This discovery elucidated the memecoin frauds that totaled over $3.5M, which were perpetrated by a scammer who compromised the accounts of numerous celebrities on social media.
It encompasses the account breaches of McDonald’s, Usher, Kabosu Owner, Andy Ayrey, Wiz Khalifa, SPX 6900, and others on Twitter and Instagram.
McDonald’s Instagram breach was one of the initial hacks of the year.
The scammer employed pump and dump tactics to earn over $690k by promoting a memecoin called GRIMACE.
This occurred on August 21, and the individual transferred the funds to two primary cryptocurrency addresses.
On September 3, the crypto fraudster transferred 101.5 SOL to two addresses and deployed the SCHRADER token.
Intriguingly, this token was advertised during the breach of the Dean Norris X account.
Additionally, on September 6, the fraudster transferred McDonald’s ATO to a casino deposit address with the initial address of B2fw.
On September 12, this account transferred 110 Sol to two new wallet addresses and sniped the meme coins that were utilized during the Usher crypto breach.
On October 15, the same B2fw wallet transferred 4868 SOL to the casino deposit address ECb5v, which is associated with Andy Ayrey and the Enoshima Aquarium breach.
84 SOLs were transferred to ECb5v on the same day.
On October 29, the X account of the owner of the prominent AI bot Truth Terminal was hacked, and it remained compromised for several days.
During that time, his account promoted six memecoins.
The 3GVUs wallet was the common denominator in all of these transactions, and on October 30, it transferred 169 SOL to Ecb5vs.
However, this is only the beginning; the list continues for additional items.
In Conclusion
In 2024, investors were drawn to meme-themed cryptocurrencies, which offered substantial gains, particularly the Solana memecoins.
As an outcome, Pump has launched millions of meme tokens based on Solana this year.
Although enjoyable, numerous instances of cryptocurrency fraud were perpetrated. ZachXBT has identified the individual responsible for the $3.5M meme coin fraud through his most recent investigation.
In addition, the scams involved the hacking of prominent accounts, the promotion of tokens to increase their value, and the dumped of all tokens.
This approach enabled Serpent, the alleged pro-Fortnite competitor or scammer, to generate substantial profits, while others were left with losses.
