The SlowMist security team has uncovered a new scam involving arbitrage MEV robots and warned users not to click on unknown links or run suspicious codes.
Scammers try to gain the trust of potential victims by claiming that the bot code was created by ChatGPT. SlowMist advises users to verify such claims using tools like ChatGPT or Claude and check the code for any signs of malicious activity.
Recently, several users reported that they invested in arbitrage robots related to ChatGPT in the hope of passive income, but their money was stolen after following the scammers’ instructions. The SlowMist team emphasizes the importance of being careful, urging users to examine the legitimacy of such claims in order to protect their assets.
SlowMist commented: “AI has become a powerful productivity tool, and scammers are exploiting this trend by using the ChatGPT name to gain credibility. In reality, scammers only briefly mention ChatGPT in their tutorial videos and claim to have used it to create the bot’s code to alleviate users’ suspicions.”
A closer look at these scam videos on platforms like YouTube reveals a few red flags: the videos often have audio and video sync issues, recycled footage, and accounts that appear to be purchased. While the comments sections are full of praise, further down the page, real victims are sharing warnings about the scam.
According to SlowMist, scammers are using a bot that allegedly monitors new tokens and price fluctuations on the Ethereum blockchain to identify arbitrage opportunities. Users are tricked into believing they can make money effortlessly, but they first have to set up a MetaMask wallet and click on a Remix link provided in the tutorial that takes them to a fake site.
The scam requires users to copy and paste code, compile the bot, and deploy the smart contract. The scammers then instruct users to fund the contract to activate it, with the promise of higher profits for investing more ETH. However, once users hit the “start” button, their funds disappear and are transferred directly to the scammer’s wallet via a backdoor hidden in the smart contract.
*This is not investment advice.
