Ethereum News Today: YouTube Crypto Bot Scam Drains 256 ETH Worth $939,000

Cybercriminals have leveraged aged YouTube accounts to promote a fraudulent crypto trading bot that has already siphoned over 256 Ether (ETH) from victims, according to a report by cybersecurity firm SentinelLABS [1]. The scam involves deceptive content that guides users to deploy a smart contract, presented as a legitimate trading bot. In reality, the contract is designed to secretly add the scammer’s wallet—disguised as a trading address—allowing attackers to drain funds once victims deposit cryptocurrency [1].

The scheme has been active since at least 2024 and exploits social media and YouTube to spread. Victims are often encouraged to deposit a minimum of 0.5 ETH—currently valued at approximately $1,829—to cover gas fees, with the promise of profitable returns. SentinelLABS identified multiple scam wallets that had accumulated significant funds, including one holding 244.9 ETH, another 7.59 ETH, and a third 4.19 ETH, totaling over $939,000 [1].

The use of older YouTube accounts—often with histories of posting crypto content or pop culture—adds a veneer of legitimacy. These accounts are sometimes purchased on platforms like Telegram or through online marketplaces, making it difficult to determine whether the actors created the accounts or acquired them for malicious purposes [1]. Many of the scam videos are AI-generated, enabling the bad actors to produce multiple deceptive materials without having to assume new identities [1].

Comment sections on the videos are actively managed, with negative comments removed and fake testimonials posted to enhance credibility. This manipulation reflects an awareness of user skepticism, with more cautious individuals seeking information elsewhere, such as on platforms like Reddit [1].

Alex Delamottea, senior threat researcher at SentinelLABS, noted that the scam’s success underscores the growing sophistication of attacks in the crypto space. The use of seemingly reputable YouTube channels and AI-generated content illustrates a clear evolution in scam tactics. Delamottea urged crypto users to exercise caution with unverified trading tools promoted on social media or video platforms, especially those that promise quick, effortless profits [1].

Victims are advised to thoroughly research and understand the functionality of any trading bot before deployment. Tools that seem too good to be true—such as those promising high returns with no risk—should be treated with skepticism. As the crypto ecosystem continues to evolve, users must remain vigilant and adopt best practices to avoid falling prey to increasingly complex scams [1].

Source: [1] Crypto trading bot scam on YouTube looted 256 ETH (https://cointelegraph.com/news/crypto-trading-bot-scam-youtube-eth-theft)