Blockchain investigator ZachXBT has accused former professional Fortnite player and cybersecurity analyst Serpent of being involved in a series of memecoin scams that reportedly stole over $3.5 million in a recent thread on X.
Serpent, an Australian individual and former member of the esports organization “Overtime,” was expelled in 2020 due to allegations of cheating, as reported by Ginx.tv. He later rebranded himself as a blockchain security analyst and founded a threat mitigation project called Sentinel. However, according to ZachXBT, his recent activities indicate a more questionable role in cryptocurrency.
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
ZachXBT’s investigation linked fraudulent activities to wallet addresses associated with Serpent, revealing connections to hacked social media accounts. The inquiry uncovered that Serpent’s wallets were involved in scams centred around Pump.fun memecoins launched via compromised accounts on platforms like X and Instagram.
High-profile victims included McDonald’s, Usher, the owner of the iconic Kabosu dog, Andy Ayrey, and Wiz Khalifa, among others. The scams reportedly funnelled stolen funds into online gambling, with deposits and withdrawals traced back to the wallets linked to these compromised accounts.
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The investigator also highlighted Serpent’s alleged involvement in a project called “ERROR,” described as a rug pull, similarly tied to stolen funds. Following the release of ZachXBT’s findings on November 26, Serpent reportedly began deleting posts from his X account in what appeared to be an attempt to erase his online trail.
Meanwhile, the Solana-based memecoin platform Pump.fun faces scrutiny due to allegations of harmful behaviour related to its livestream feature. The issue was highlighted on November 25, when Beau from Pudgy Penguins reported an incident in which a user threatened suicide due to poor token performance. This has prompted calls for the platform to take immediate action by disabling the livestream feature, implementing better moderation, and providing support for the affected individual.
Memecoin hacks has continued into 2026
In 2026, researchers and security analysts continue to document new methods for exploiting cryptocurrency users. A July 2026 academic study identified a form of transaction-simulation phishing in which attackers manipulate the information displayed by wallet transaction simulations.
The researchers identified more than 4,000 phishing contracts deployed between August 2024 and June 2025 and linked them to approximately $3.48 million in losses.
Although that attack method is different from the alleged memecoin scheme involving Serpent, both demonstrate the same underlying problem of attackers are increasingly manipulating information users rely on when deciding whether a crypto transaction is safe. The sophistication of these attacks has increased alongside the growth of the digital-asset market.
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