Scammers have really gotten their creative juices flowing as many have now taken legacy old YouTube crypto channels to promote the use of a scammy bot. As sketchy as this sounds, they are using channels that were once legit. They are posting videos of these bots that use MEV to help users get paid in ETH gas fees.
What On Earth Is An MEV?
Lets understand MEV with a simple example. Let’s say you are at a barista and there are multiple people behind you who want to order a coffee. Some may want to wait but lets say you are in a hurry and you do not mind paying a higher tip so you get your coffee first. Just like you there may be more people paying a tip to get their coffee. So you and others paying a tip get the coffee first. This tip is the MEV that the barista owner gets for making your coffee quicker.
On a blockchain, when users are willing to pay more for a transaction, they can transfer crypto more quickly than usual. When the user opts for a faster transaction via a crypto wallet, he or she agrees to the transaction cost. When the person initiates the transaction then it goes to a place called mempool. Next, the MEV bot spots this transaction and makes a special transaction on blockchain or a bundle to include this one.
Bots use super-fast software and math to figure out the best moves, often competing with other bots to act first.
More On Youtube Crypto Bot Scams
Cybersecurity firm SentinelLABS covered a report that revealed that scammers are using old legacy YouTube channels to promote a crypto bot that is powered by a smart contract that is inherently designed to drain users’ crypto.
Alex Delamotte, a senior threat researcher at SentinelLABS revealed that this scam has been going on since 2024.
Once the victim deploys the smart contract, the attacker adds his own wallet which is labelled as a trading address. When the victim funds the smart contract, the scammer gains access to it and drains the funds.
“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”
Delamotte
256 ETH Looted Through YouTube Legacy Crypto Channels
Scammers are targeting victims, encouraging them to deposit a minimum of 0.5 Ether (ETH), which is currently valued at approximately $1,829. This deposit is supposedly to cover gas fees and guarantee a substantial profit.
The scams have been met with varying levels of success. One scammer’s wallet received 7.59 ETH, another received 4.19 ETH, and a third amassed a staggering 244.9 ETH. The total value of these assets exceeds $939,000.
It’s unclear how many individuals are behind these scams, as the same wallet address has been linked to multiple fraudulent smart contracts. However, the presence of many unique addresses suggests that several different actors may be involved.
YouTube Videos Filled With Red Flags
The videos are posted on older YouTube channels that have a history of posting legitimate-seeming content. Like crypto news or investing tips. Scammers either create these channels long ago or purchase them to appear more credible. The videos themselves often use AI-generated audio and visuals. This allows scammers to quickly create many videos without needing to show their faces or use their voices.
The comment sections are heavily moderated. Negative comments or warnings from other users are deleted. This leaves the comment section with fake testimonials from accounts claiming to have made a profit.
How To Be Safe From These Scams?
The best way to protect yourself is to be extremely cautious. Avoid using any crypto trading tools or code that are promoted on unverified social media platforms or influencer videos.
Always do your own thorough research. Verify how a tool works, what it does, and who created it before you ever use it. When it comes to crypto, remember that if an offer sounds too good to be true, it almost certainly is.