Smart Contract Scams | Ethereum Drainers Pose as Trading Bots to Steal Crypto

Description

SentinelLABS has uncovered a series of cryptocurrency scams where threat actors distribute malicious smart contracts disguised as trading bots to drain user wallets. The campaign has stolen over $900,000 US and uses aged YouTube accounts with curated comment sections to create a false sense of legitimacy. The smart contracts employ various obfuscation techniques to conceal the attacker's wallet address. Distribution methods include AI-generated videos and step-by-step instructions for deploying the weaponized smart contracts. The most successful scam yielded 244.9 ETH from a single video. Crypto users are advised to exercise extreme caution when dealing with trading tools promoted through unverified social media or video content.