Pro Gamer Accused in $3.5 Million Memecoin Scam

A former professional Fortnite player, known as Serpent, has been accused of orchestrating a $3.5 million memecoin scam. The allegations, brought to light by crypto investigator ZachXBT, suggest that Serpent was involved in hacking celebrity social media accounts to promote fraudulent cryptocurrency projects.

Key Takeaways

• Accusations: Serpent allegedly stole $3.5 million through memecoin scams.
• Hacking Incidents: The investigation links Serpent to the hacking of nine celebrity accounts.
• Gambling Activities: Funds from the scams were reportedly funneled into online gambling.

The Allegations Against Serpent

ZachXBT's investigation revealed a troubling connection between Serpent and a series of high-profile hacks. The former gamer is accused of using compromised social media accounts to promote fraudulent memecoins, leading to significant financial losses for unsuspecting investors.

The investigation highlighted that:

• Wallet Connections: Multiple crypto wallets linked to Serpent were found to be involved in various scams.
• Celebrity Accounts Targeted: Notable accounts hacked include those of McDonald’s, Usher, and Wiz Khalifa, among others.

The Hacked Accounts

The hacking incidents involved the following accounts:

1. McDonald’s: The Instagram account was compromised to promote the GRIMACE token, generating over $690,000 before the scam was exposed.
2. Usher: His account was also targeted, contributing to the overall scam.
3. Wiz Khalifa: Another celebrity whose account was hacked to facilitate the fraudulent activities.

The Financial Fallout

The total amount stolen from these scams is estimated at $3.5 million, with funds being transferred through various wallets before being gambled away. ZachXBT noted that Serpent frequently gambled large sums on online platforms such as Roobet and Stake, often sharing his activities on Discord.

Previous Controversies

Serpent's history is marred by allegations of cheating in esports, leading to his expulsion from the organization Overtime in 2020. Additionally, he co-founded an NFT project that was also accused of being a rug pull, further tarnishing his reputation.

The Current Situation

Following the allegations, Serpent has reportedly deleted all posts from his social media accounts and changed his profile information, raising suspicions about his involvement in other potential scams. The crypto community remains on high alert as the investigation unfolds, highlighting the ongoing vulnerabilities in the cryptocurrency space.

As the memecoin market continues to attract attention, incidents like this serve as a reminder of the risks associated with investing in unregulated digital assets. The case underscores the need for increased vigilance and security measures within the cryptocurrency ecosystem, especially as scams become more sophisticated and prevalent.

Sources

• Crypto Investigator Exposes Pro Gamer In $3.5 Million Memecoin Scam, Other Hacks, Bitcoinist.
• ZachXBT Accuses Former Professional Fortnite Player Of Involvement in $3.5M Memecoin Scam – Blockchain News, Opinion, TV and Jobs, Blockchain News.
• Crypto Sleuth Accuses Pro Gamer Of Stealing $3.5 Million, Bitcoinist.