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.
Bad actors are using aged YouTube accounts to give authenticity to advertisements of a crypto trading bot that conceals a smart contract designed to drain crypto, says cybersecurity firm SentinelLABS.
The scam is “widespread and ongoing” since at least 2024 and 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.
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