Cybersecurity company SentinelLABS has uncovered a new cryptocurrency scam where dormant YouTube accounts are exploited to sell fake trading bots.
How Scammers Use YouTube Accounts
According to senior threat researcher Alex Delamotte from SentinelLABS, since January 2024, scammers have been posting videos on how to deploy a 'crypto trading bot'. These videos instruct viewers to replicate and deploy a smart contract using the Remix tool. However, after deployment, the smart contract provides the scammer with secret access to the user’s wallet, while the attacker’s wallet is spoofed to appear as a regular trading address.
Amount of Stolen Funds
Scammers trick victims into sending at least 0.5 ETH (approximately $1,829) under the guise of paying for gas fees and maximizing returns. However, this deposit actually triggers the scam. So far, more than 256 ETH have been stolen, totaling over $939,000. Delamotte identified that some wallets are reused in different scams, complicating the determination of how many scammers are involved in this operation.
Safety Recommendations
Experts recommend that cryptocurrency users avoid trading bots or software marketed on unverified YouTube or social media channels. If something offers quick, easy gains with minimal effort, it’s likely a scam. To avoid falling victim to these scams, users should thoroughly research the software, understand how the code operates, and never take random online videos at face value, especially those offering links or codes to deploy.
This exposed scam highlights the need for caution when interacting with trading bot offers online. Ensuring safety in the cryptocurrency world requires diligence and careful examination of information.
