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The cryptocurrency market is attracting attention as Bitcoin 
$105,398 approaches $100,000. Recently, another incident has captured the interest of many, as renowned crypto researcher ZachXBT uncovered a $3.5 million meme coin scam involving a professional gamer. These scams are also associated with the hacking of celebrity social media accounts and fraudulent promotions.
Discovery of the Scams
In 2024, the crypto market faced numerous wallet hacks and rug pull scams. However, the hacking of celebrity accounts and the promotion of related crypto scams were among the most common events. As a prominent crypto researcher, ZachXBT analyzed nine hacked accounts of celebrities and the associated meme coins.
According to ZachXBT’s analysis, there is a connection between all these hacks. Notably, professional Fortnite player Serpent was identified as one of the individuals behind these scams. Serpent earned millions using the Pump.Fun meme coin platform while making flawed investments.
Details of the Scam Operations
In a detailed post on the X platform, ZachXBT explained how accounts of celebrities like McDonald’s and Usher were hacked to facilitate meme coin scams. The scammers promoted the memecoins and increased their prices before selling them, resulting in billions of dollars in profit.
These scams have raised trust issues in the crypto market, drawing attention to the potential risks of meme coins. ZachXBT’s research helps unveil the mechanisms and responsible parties behind the scams, contributing to restoring trust in the market.
