Crypto Trading Bot Scam Nabs Victims via YouTube
The post Crypto Trading Bot Scam Nabs Victims via YouTube appeared on BitcoinEthereumNews.com. Cybersecurity firm SentinelLABS has warned that malicious actors are using old, seemingly legitimate YouTube accounts to promote a crypto trading bot that hides a smart contract designed to drain users’ funds. The scam is “widespread and ongoing” since at least 2024 and has spread through YouTube videos shared on social media offering tips and a smart-contract code to deploy a crypto trading bot, Alex Delamottea, a senior threat researcher with SentinelLABS, said in a report on Tuesday. After the victim deploys the smart contract, the attacker’s wallet is added, hidden by disguising it as a trading address. When the user funds the contract, the scammer has access to drain the funds. The victim must fund the contract for the scam to work. “The cryptocurrency ecosystem is increasingly complex, and scams like these will inevitably succeed against victims who do not thoroughly analyze how related tools work by scrutinizing what the inputs and outputs are,” Delamottea said. The videos offer tips on how to deploy a crypto trader bot that is actually just a ruse to steal crypto from unsuspecting victims. Source: SentinelLABS Over 256 Ether stolen so far Victims are urged to deposit at least 0.5 Ether (ETH), currently worth $1,829, to cover the cost of gas fees and ensure the profits are sizable enough to be worthwhile. Delamottea said her investigation found that “the scams have had varying degrees of success,” with the most recently identified scammer wallet receiving 7.59 ETH, another had 4.19 ETH, and a third held 244.9 ETH, collectively worth more than $939,000. “We observed the same wallet being used across multiple weaponized smart contracts; however, there are many unique addresses in use, so it is unclear how many unique actors are behind the scam,” she said. Videos show scam red flags All the YouTube accounts…
The post Crypto Trading Bot Scam Nabs Victims via YouTube appeared on BitcoinEthereumNews.com.
Cybersecurity firm SentinelLABS has warned that malicious actors are using old, seemingly legitimate YouTube accounts to promote a crypto trading bot that hides a smart contract designed to drain users’ funds. The scam is “widespread and ongoing” since at least 2024 and has spread through YouTube videos shared on social media offering tips and a smart-contract code to deploy a crypto trading bot, Alex Delamottea, a senior threat researcher with SentinelLABS, said in a report on Tuesday. After the victim deploys the smart contract, the attacker’s wallet is added, hidden by disguising it as a trading address. When the user funds the contract, the scammer has access to drain the funds. The victim must fund the contract for the scam to work. “The cryptocurrency ecosystem is increasingly complex, and scams like these will inevitably succeed against victims who do not thoroughly analyze how related tools work by scrutinizing what the inputs and outputs are,” Delamottea said. The videos offer tips on how to deploy a crypto trader bot that is actually just a ruse to steal crypto from unsuspecting victims. Source: SentinelLABS Over 256 Ether stolen so far Victims are urged to deposit at least 0.5 Ether (ETH), currently worth $1,829, to cover the cost of gas fees and ensure the profits are sizable enough to be worthwhile. Delamottea said her investigation found that “the scams have had varying degrees of success,” with the most recently identified scammer wallet receiving 7.59 ETH, another had 4.19 ETH, and a third held 244.9 ETH, collectively worth more than $939,000. “We observed the same wallet being used across multiple weaponized smart contracts; however, there are many unique addresses in use, so it is unclear how many unique actors are behind the scam,” she said. Videos show scam red flags All the YouTube accounts…
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