Hackers Disguise Scam Contracts as Crypto Trading Bots and Spread Them via YouTube Videos

According to a report by Jinse Finance, cybersecurity firm SentinelLABS has issued a statement revealing a series of cryptocurrency scams in which hackers disguise malicious smart contracts as trading bots to steal from crypto users’ wallets. The hackers promote these scams through YouTube videos that explain the nature of crypto trading bots and demonstrate how to deploy smart contracts on the Remix Solidity compiler platform, a web-based Web3 project integrated development environment (IDE). The video instructions include a link to an external website hosting the weaponized smart contract code. At the same time, the attackers manage the YouTube comment section, removing any negative feedback. Once victims deploy the smart contract, the attacker’s wallet is added and concealed by masquerading as a transaction address. After users fund the contract, the scammers are able to steal the funds.