New Scam Using Fake ChatGPT Bots Targets Investors

A new scam has emerged, with the SlowMist security team alerting users about fraudulent arbitrage MEV robots.

The team warns against engaging with unknown links or executing suspicious code.

Fraudsters are deceiving potential victims by asserting that the bot’s code is a product of ChatGPT. To combat this, SlowMist recommends that users independently verify such claims and meticulously examine any associated code for malicious intent.

Reports have surfaced of individuals who, believing in the promise of passive income from these ChatGPT-related arbitrage robots, have unwittingly lost their investments by following the scammers’ advice. SlowMist emphasizes the critical need for users to assess the validity of such claims to safeguard their finances.

In a statement, the security team highlighted how scammers take advantage of the rising interest in AI technologies. By mentioning ChatGPT, they aim to build credibility, while often downplaying the true nature of their operations in tutorial videos.

An analysis of these deceptive tutorial videos shows common red flags: discrepancies in audio-visual quality, recycled content, and accounts that appear to have been bought. While many comments seem to praise the bots, genuine victims frequently share warnings in the comments section.

According to SlowMist, these scammers claim to use a bot that monitors new tokens and price changes on the Ethereum blockchain, preying on users’ desires for effortless profits. Victims are led to set up a MetaMask wallet and click on a Remix link that directs them to a fraudulent site.

To participate, users must copy and paste code to compile and deploy the bot’s smart contract. They are then encouraged to fund this contract with promises of substantial returns for larger investments. However, once they activate the bot, their funds vanish, routed straight to the scammers through concealed backdoors within the contract.