The Group sits in a circle. One player (the White Cobra) sits blindfolded in the middle guarding the treasure of the Gold Lairs (some object which is lying between their outstretched legs). The leader points to one of the players who creeps up to the White Cobra and tries to rob them of the treasure. When the Cobra hears a sound they point with a forked tongue (index and middle fingers stetched out) in the direction of the noise. If they are right then this player must go back and another has a turn. If a player succeeds in stealing the treasure then they become the White Cobra.
Source: From the original site.