according to materials from the website - By TheNewsCrypto
Another day — another scam in the world of cryptocurrency. Hackers executed a complex scam involving cryptocurrency by using hacked YouTube channels to promote malicious trading bots. Cybersecurity researchers reported that more than 256 Ethereum tokens worth about $939,000 were stolen as a result of this scheme.
Scammers use old YouTube accounts to increase trust
Researchers from SentinelLABS found that scammers take over existing YouTube channels that previously covered cryptocurrency and provided investment recommendations. These testimonies from older users lend legitimacy and credibility to their misleading advertisements for automated trading bots.
The scam scheme involves promising victims a profitable smart contract code in convincing video tutorials and reviews. After users implement this smart contract, hackers substitute their wallet addresses posing as real trading platforms. By using cryptocurrency to fund their contracts, scammers gain instant access to withdraw all deposited funds.
Researchers discovered several wallets belonging to the attackers with stolen funds; the largest wallet contained 244.9 Ethereum tokens worth several thousand dollars. Victims are usually advised to deposit a minimum of 0.5 Ethereum to cover gas fees and earn a decent profit. The minimum investment amount is about $1,829 considering the current ETH rate and price fluctuations.
It was found that most promotional videos contain audio and video information generated by artificial intelligence, allowing criminals to create multiple identities. Scammers actively moderate the comment sections, deleting negative reviews and leaving false testimonials about the bot's profitability.
These fraudulent channels look real due to their publication history and high activity on earlier content. It is unclear whether the criminals originally created these accounts or purchased them on underground markets and channels.
According to cybersecurity experts, such scams are successful due to the increasing complexity of cryptocurrency ecosystems, which are becoming harder to understand. Users do not spend enough time thoroughly analyzing smart contract code before implementing it and thus become vulnerable to sophisticated attacks.
Cybersecurity experts strongly recommend cryptocurrency traders not to use trading tools advertised on unverified social media or videos. Users should study the issue themselves and verify functionality, as well as approach any promises of easy earnings without risk with caution.
#Сryptomarketnews , #TrumpTariffs
We are searching for and publishing the latest and most relevant changes in the global financial markets for you. Read with pleasure and analyze independently everything that can help you draw your own conclusions before making financial decisions!!! 😉
