Ex-Fortnite Star Accused Of $3.5 Million Meme Coin Fraud
Australian Fortnite YouTuber and former esports professional SerpentAU is caught at the center of a $3.5 million crypto fraud investigation.
Once celebrated for his gaming skills, SerpentAU, whose real name remains undisclosed, is accused of orchestrating meme coin scams through hacked social media accounts.
Brought to light on 27 November 2024, by blockchain investigator ZachXBT, the allegations link SerpentAU to multiple account takeovers and fraudulent schemes.
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
The findings also highlight a troubling shift from gaming stardom to repeated unethical behavior in the crypto space, leaving victims grappling with significant financial losses.
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From Esports Star to Crypto Scammer
SerpentAU gained notoriety in 2020 after being dropped by esports organization Overtime Gaming for using cheating software in Fortnite. Despite expressing remorse, his trajectory took a darker turn, culminating in fraudulent ventures within the cryptocurrency industry.
In a detailed thread, ZachXBT revealed that SerpentAU played a key role in the theft of $3.5 million through compromised accounts promoting fraudulent meme coins.
Over the past few months, I have been tracking a series of related compromises for McDonalds, 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, ZachXBT tweeted.
The scams exploited high-profile accounts to promote fake meme coins, enticing followers to invest substantial sums of money. For instance, a compromised McDonalds Instagram account alone generated $690,000 in scam proceeds.
ZachXBTs investigation connected these funds to blockchain wallets linked to SerpentAU, revealing their use for gambling on platforms like Stake and Roobet.
A leaked Discord screen share further implicated SerpentAU, showing large deposits and withdrawals from wallets involved in the scams.
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A Pattern of Deception
SerpentAUs history in the crypto space includes failed ventures such as DAPE and ERROR, non-fungible token (NFT) projects launched in 2022 and 2024, respectively.
Both projects collapsed amid accusations of fraud, setting the stage for his deeper involvement in blockchain-based scams.
Serpent began deleting all his posts from his new X account after the first part of the investigation was published, ZachXBT noted. This reaction, coupled with evidence of on-chain fund movements, has intensified scrutiny of SerpentAUs actions
ZachXBTs investigation also exposed SerpentAUs companion, known as DeX, for alleged involvement in related scams. DeX reportedly participated in sniping schemes and later claimed extortion when confronted.
As details continue to emerge, ZachXBTs findings highlighted the role of social media platforms in facilitating these scams. By compromising verified accounts, scammers like SerpentAU were able to exploit their reach and credibility, misleading thousands of followers into investing in fraudulent projects.
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Community Reactions
While victims of the scams are demanding accountability, industry observers are questioning the role of platforms like X (formerly Twitter) and Instagram in enabling such schemes.
A former acquaintance of SerpentAU, tweeting under the handle @solsweb3, shared their disappointment: He used to be my friend back in the day during Fortnite when I was still a kid. I messaged him about the allegations and he lied to me. This is sad to see, and theres no excuse. Disappointed and angry.
Adding to the outcry, another user pointed out past suspicions around SerpentAUs activities saying I knew it wasnt a coincidence that a phishing address had the ENS serpent.eth. I remember tweeting into the void about this dude being a scammer. He claimed to be a Cybersecurity Expert, but in reality, it was just his friends launching the tokens,
My actions were blurred by the money, influence, and experiences I was having, SerpentAU once said in an apology for his Fortnite cheating scandal. These words now echo as a grim foreshadowing of his deeper entanglement in fraudulent activities.
Meanwhile ZachXBT, known for exposing significant crypto frauds, remains committed to uncovering the full scope of the schemes. His past investigations have led to the arrests of hackers linked to Genesis Trading creditors and uncovered phishing scams targeting Coinbase users.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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The post Ex-Fortnite Star Accused Of $3.5 Million Meme Coin Fraud appeared first on BTC Ethereum Crypto Currency Blog.
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Text source: BTC Ethereum Crypto Currency Blog
