The post Australian Gamer Allegedly Behind Major Meme Coin Scandals appeared on BitcoinEthereumNews.com.

Former Biance CEO Changpeng Zhao is also not very happy with what is happening in the meme coin industry. He criticized the hype around meme coins, and advocated for blockchain projects with real utility. Despite the risks associated with meme coins, a Solana meme coin trader turned a $160 investment into millions. Dogecoin also recently surpassed Porsche’s market cap. DOGE’s momentum was driven by Elon Musk’s endorsements and a new Dogecoin-based ETP.  Cybersecurity Expert Turned Scammer Exposed Blockchain investigator ZachXBT accused a former professional Fortnite player from Australia, who is known as ‘Serpent,’ of orchestrating multiple meme coin scams that allegedly stole more than $3.5 million. In a detailed thread that was published on Nov. 27, ZachXBT tied Serpent to a number of Pump.fun meme coin scams that relied on compromised social media accounts to target victims.  Serpent was previously expelled from the esports organization “Overtime” in 2020 for alleged cheating. He was also recognized as a blockchain security analyst and the founder of a threat mitigation system called Sentinel. ZachXBT revealed that wallet addresses linked to Serpent’s project “ERROR” were directly connected to hacked accounts belonging to high-profile entities, including McDonald’s, Usher, Andy Ayrey, Dean Norris, and Enoshima Aquarium. The investigator also revealed that proceeds from these scams were gambled away in online casinos, and provided evidence of a deposit and withdrawal address linked to the compromised accounts. ZachXBT then shared that Serpent started deleting posts from his new X account after the release of the initial findings on Nov. 26. Serpent attracted a lot of attention in the crypto community in 2022 by sharing cybersecurity tips on avoiding phishing and scam schemes targeting crypto users. He warned about vulnerabilities in Google ads and other fraudulent methods, which gave him credibility as a security expert.  However, this latest investigation…

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Filed under: News - @ November 28, 2024 9:18 am