Crypto Scam Alert: Serpent, Ex-Fortnite Star, Defrauds $3.5M in Rug Pull

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Nov 28 2024

Should l Buy SOL?

Involvement in Crypto Scams: Australian former professional Fortnite player, Serpent, has been implicated in a crypto scam that defrauded investors of $3.5 million, following his dismissal from an esports organization due to a cheating scandal in 2020. He co-created two NFT projects, DAPE and ERROR, both of which were rug pulls.
Tracing and Detection Efforts: An investigation by ZachXBT revealed Serpent's use of specific addresses for the scams, linking him to various online gambling sites and multiple account takeovers. Despite attempts to erase his digital footprint, funds from the scams remain traceable to him, highlighting ongoing vulnerabilities in the crypto space.

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Technical Analysis for SOL

Technical Sentiment Analysis for Solana (SOL) As of , Solana (SOL) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SOL stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, SOL is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Solana (SOL) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	15.913	41.706	67.263	93.056	118.613	144.406	169.963
Fibonacci	41.706	61.322	73.441	93.056	112.672	124.791	144.406

About SOL

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.To learn more about this project, check out our deep dive of Solana.The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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