Beware of rebranded fake trading bots using "ChatGPT" to scam users out of ETH. Over $130K stolen by scammers leveraging AI hype. Stay vigilant.
Blockchain security firm SlowMist has uncovered a growing trend where cybercriminals exploit the AI craze by rebranding old scams as "ChatGPT Arbitrage MEV Bots." By capitalizing on OpenAI's ChatGPT name, these fake bots lure unsuspecting users into a crypto trap, resulting in significant financial losses.
Key Points:
Rebranding for AI Hype: Cybercriminals are using "ChatGPT" branding to create legitimacy, while the underlying scam mirrors older fake bots like the Uniswap Arbitrage MEV Bot.
How the Scam Works: Victims are convinced to deploy a fake smart contract via MetaMask and fund it with ETH, only for their funds to be stolen through a hidden backdoor in the code.
Widespread Impact: Since August 2023, scammers have stolen over $130,000 in ETH from hundreds of victims, deploying a “wide-net approach” that focuses on smaller amounts to avoid detection.
Red Flags: Warning signs include out-of-sync YouTube videos promoting the bots and suspiciously positive comments followed by scam reports.
The Threat of AI: This new wave of scams underscores the dangers of unsupervised AI-driven systems, as scammers manipulate emerging technologies to trick users.
Related: Chinese Investors Hit by Point Running Scams as Indodax Hack and Bitcoin Rally Shake Crypto Markets
As the hype around AI grows, so does the sophistication of scams leveraging its name. The blockchain community must stay alert to these evolving tactics, especially as more unsuspecting users fall prey to "ChatGPT" branded frauds. Vigilance and awareness are key to avoiding these deceptive schemes.
Source: Cointelegraph
Comments