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Crypto

Scam Tutorials Promoting AI Crypto Bots Steal $517K Worth of Ethereum

Guavy AI Editorial Team
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ETH
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A recent cryptocurrency scam has duped 224 victims into deploying malicious smart contracts that stole $517,000 worth of Ethereum (ETH).

The scammers used fake YouTube tutorials promoting AI-powered crypto arbitrage bots to trick users into creating and funding the malicious contracts. The victims deployed a total of 234 contracts, with each one being funded through transactions they approved themselves.

According to TRM Labs, a blockchain intelligence firm, the scam operators replaced the clean code displayed in the browser with malicious contracts designed to steal ETH. Once the balance exceeded $130, the contract would transfer the money to an address controlled by the scammers.

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