ZachXBT, a well-known blockchain investigator, has accused a former professional Fortnite player from Australia, known as 'Serpent,' of orchestrating multiple meme coin scams that have collectively defrauded investors of approximately $3.5 million.

The investigation highlights Serpent's involvement in high-profile hacks, including the takeover of Usher's X account in September for a scam coin called USHER, and Wiz Khalifa's account in November, which promoted fraudulent tokens WIZ and WIZZLE.

These scams primarily involved hacking into high-profile social media accounts to promote fraudulent cryptocurrencies, leading to significant financial losses for victims.

Interestingly, before his alleged fraudulent activities, Serpent presented himself as a cybersecurity analyst, offering advice on how to avoid scams.

Evidence suggests that Serpent has been gambling the proceeds from these scams at online casinos, with funds traced to gambling platforms like Stake and Roobet.

This case serves as a stark warning about the evolving nature of online fraud and the critical role social media plays in facilitating these malicious schemes.

As the investigation unfolds, the esports community is grappling with the ethical implications of SerpentAU's actions and the impact on the victims of his scams.

ZachXBT continues to track and expose fraudulent activities in the crypto realm, emphasizing the risks associated with placing trust in online influencers.

ZachXBT's findings reveal that SerpentAU was also behind account takeovers targeting other celebrities, including a notable hack of McDonald's Instagram account in August that advertised a Solana meme coin named GRIMACE.

The investigation further uncovered that a wallet connected to Serpent's project 'ERROR' played a direct role in the account takeovers of several notable figures.

In a detailed thread on X, ZachXBT outlined how wallet addresses associated with Serpent had substantial involvement in various Pump.fun memecoin scams linked to these hacked accounts.

Serpent's controversial career includes co-founding cryptocurrency projects DAPE and ERROR, both of which collapsed amid fraud allegations, complicating his reputation in the crypto space.