YouTuber Accused of $3.5 Million Meme Coin Fraud

Professional Fortnite player and YouTuber SerpentAU has been implicated in several fraudulent schemes involving the launch of fake meme coins amounting to $3.5 million, according to blockchain researcher ZachXBT.

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

According to the on-chain detective, SerpentAU was involved in a series of account hacks of major brands and celebrities on social media. The compromised profiles were used to promote fraudulent crypto assets. Recent victims include McDonald’s, Wiz Khalifa, and Usher.

The proceeds from the sale of fake tokens were funneled through cryptocurrency wallets controlled by SerpentAU. 

ZachXBT also discovered that the Australian gamer placed million-dollar bets on gambling platforms and streamed the process to friends. During one such demonstration, SerpentAU inadvertently revealed several wallet addresses linked to the fake tokens.

In 2020, the Australian was caught using prohibited scripts in Fortnite matches. He was subsequently expelled from his esports team and later banned from the game.

In 2022, the gamer diversified his career by launching the NFT project DAPE, which ZachXBT claims was a rug pull. Two years later, SerpentAU launched the project ERROR, which met a similar fate.

Following the publication of the initial findings of ZachXBT’s investigation, the Australian began deleting his social media posts. According to the crypto detective, SerpentAU is attempting to cover his tracks, and the list of victims may grow.

The investigator has shared the details of the case with one of the affected parties.

In October, ZachXBT assisted a hacking victim in tracing part of the stolen $6.5 million.