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Crypto trader bot scam on YouTube looted 256 ETH: SentinelLABS
Aged YouTube accounts with a history of posting crypto news and investing tips have been taken over by bad actors to advertise a scam trading bot that steals crypto.
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.
