Fake Crypto Bots Are Draining Ethereum: Don’t Fall Into This Trap!
Cryptocurrency scams that use phony trade bots to deplete Ethereum and other coins were reported by SentinelLABS. In order to give the scammers a false sense of credibility, they allegedly use old YouTube identities and well-placed comments to target cryptocurrency traders via social media and the distribution of video content. In order to make money, the scammers pose as legitimate arbitrage or MEV bots while the videos demonstrate how to deploy smart contracts using Remix Solidity Compiler.
A lot of videos look like they were created by AI based on their visual and aural features. In addition to speaking in an artificial tone, narrators solely gaze at the camera. In these phony presentations, side profile angles are not always present. When compared to employing human performers for videos, AI-generated content usually results in lower expenses.
Crypto Scammers Exploit Old YouTube Accounts and Obfuscated Smart Contracts
Telegram channels sell old YouTube accounts for anywhere from $6 to thousands. Moderation keeps comment sections overwhelmingly positive by automatically removing unfavorable comments. Malicious smart contracts written in the Solidity programming language are present in the phony trading bots. These contracts steal money from Ethereum and other blockchain networks. Attackers conceal their wallet addresses from victims using a variety of obfuscation techniques. SentinelLABS discovered several obfuscation techniques, including XOR operations, in several contracts. It is uncertain how many actors are active because there are several distinct attacker addresses.
$900K in ETH Stolen Through Fake Contracts
The financial success of the scam efforts varied depending on the operation. With enormous profits, Jazz_Braze’s video campaign is the most successful. From contract deposits, the attacker’s wallet accumulated 244.9 ETH, or around $902,000. Later, this money was sent in bulk to several addresses. After being recovered, the stolen money was transferred to 24 distinct Ethereum addresses. In order to evade discovery and surveillance, the attackers dispersed their funds throughout several wallets. This distribution pattern points to complex money laundering schemes at the heart of the fraud.
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