Cybersecurity firm SentinelLABS has reported a widespread crypto trading bot scam on YouTube, which has been targeting users since at least 2024. The scam utilizes aged YouTube accounts to lend credibility to videos that advertise a fraudulent trading bot. Victims are misled into deploying a smart contract that, once funded by them, enables scammers to drain their Ethereum. Delamottea, a senior threat researcher, revealed how the scam operates, including adding hidden attacker wallets disguised as trading addresses. To attract victims, the videos promote deposits of at least 0.5 Ether to cover gas fees and assure profits. The research indicated that over 256 Ether, worth over $939,000, has already been stolen through various iterations of this scam. Delamottea cautions users to avoid tools promoted through unverified sources and highlights the importance of thorough research before engaging with any trading tools that promise quick profits. Negative comments on these videos are often deleted, and testimonials are manipulated to create a false narrative of success. The use of AI-generated videos allows scammers to produce multiple scams without significant effort, making it critical for users to be vigilant against such deceptive practices.

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