#creattoearn #ScamAware
The operation, involves misleading videos that direct viewers to deploy a smart contract supposedly designed for automated crypto trading.Hackers are hijacking older YouTube accounts to promote a crypto scam disguised as a trading bot, according to a new report from cybersecurity firm SentinelLABS.
In reality, the contract contains hidden code that links it to a scammer’s wallet. Once a user funds the contract, often urged to deposit a minimum of 0.5 ETH, the attacker gains the ability to drain the assets.
SentinelLABS: Crypto Scam Shows Mixed Results but Alarming Success
SentinelLABS senior researcher Alex Delamottea said the scheme has seen mixed results but is clearly effective.
One attacker wallet netted 244.9 ETH, while others collected 7.59 and 4.19 ETH, together totaling over $939,000 at current prices.
“These scams will inevitably work on victims who fail to scrutinize how these tools operate,” Delamottea warned.
What makes the scam particularly deceptive is its delivery. The bad actors are using older YouTube accounts with histories of uploading crypto news, investment advice, or general pop culture content to lend credibility.
It’s unclear whether the scammers created these accounts or purchased them, either is possible, as aged accounts are easily found for sale on Telegram and through search engine ads.
Many of the scam videos appear AI-generated, complete with manipulated visuals and voiceovers.
This allows the perpetrators to produce numerous videos without revealing their identities.
