A study found that 84% of YouTube videos related to the use of crypto bots promote fraudulent projects. Their number has increased six-fold this year.
CertiK, which specializes in blockchain security, published a report titled “Anatomy of Front Running Scams,” in which analysts found a tremendous increase in the use of YouTube video hosting in cryptocurrency fraud schemes.
According to the report, the number of dubious videos has increased six times this year compared to the last. Thus, scammers promise “an easy and free way to multiply their assets” on average up to 10 times a day.
Most of all, scammers use YouTube videos to promote scams related to stealing digital assets via a front running bot. Victims watch the video and click on links that redirect them to a website to download bot software. These bots are specifically designed to steal users’ digital assets as soon as they attempt to initiate a pre-transaction.
CertiK analysts have identified several high-profile videos that promise profits but result in user losses. These videos have common themes: “front running bot” and “huge profits.”
Among these YouTube videos, for example, are:
- “FREE FRONT RUNNING CODE!”
- “MAKE 10X A DAY!!!”;
- “Uniswap Front Running Bot 2022 – EASY TUTORIAL (Huge profits)”;
- “$15,000 Front Running Crypto Bot Leak! – 50X HUGE RETURNS!”;
- “PancakeSwap Front Running Bot (Sniper Bot) – Make x10 INSTANTLY (NO DOWNLOAD)”.
Comments under these kinds of videos are also usually generated by bots, which actively tell how much they managed to earn. Among them, users find it difficult to find real feedback, which signals that the project is dangerous.
As a reminder, social networks remain the most common tool for cryptocurrency fraudsters. In addition, the creators of scam projects also actively use “KYC actors” – people willing to sell their personal data scams to scammers “for pennies”.
