Cybercriminals are using old YouTube accounts to spread malicious videos about crypto trading. Disguised as tutorials for launching trading bots, the videos share smart contract code that secretly connects victims’ funds to the attacker’s wallet. This was reported by SentinelLABS researcher Alex Delamotte.
The scam has been active since 2024 and spreads through social media. The attackers focus on fake legitimacy: the YouTube channels involved behave like regular content creators, posting news, advice, and trending topics to build trust and expand reach.
Users are invited to deploy a smart contract supposedly linked to a trading bot. However, hidden in the code is the scammer’s wallet address, masked as a “trading address.” Once the victim funds the contract with a minimum of 0.5 ETH, the attacker gains access to the assets.
According to Delamotte, all actions are designed to avoid suspicion. The videos are often generated using AI, and negative comments are deleted. In their place, fake positive “reviews” from supposed users who claim to have earned profits with the bot are posted.
Scale of the Damage
According to SentinelLABS, one scam wallet received 244.9 ETH, another 7.59 ETH, and a third 4.19 ETH. The total amount exceeds $939,000. Some wallets were reused across different contracts, but many unique addresses were involved, making it difficult to estimate the exact number of victims.
The accounts used to upload the videos are old and previously posted legitimate content. Delamotte notes that such channels can be purchased through Telegram or even found via search engines. This allows scammers to bypass the effort of building a reputation from scratch.
Recommendations for Users
The expert urges users to avoid any code or tools promoted through suspicious videos or social media posts. Even if the video looks convincing, any tool that promises quick profits requires thorough vetting. Before deploying a smart contract, it's essential to understand how it works and what wallet addresses are coded into it.
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This post is for informational purposes only and is not an ad or investment advice. Please do your own research making any decisions.
