Report: Number of Fraudulent YouTube Videos Targeting Traders Surges by 500%

Fraudsters are actively promoting fake videos advertising frontrunning bots for trading — in 2022 their number surged by 500%, according to CertiK’s отчете.

The frontrunning bot scans unconfirmed large transactions in the mempool and pays a higher gas fee to guarantee priority execution of its trade. In this way the bot can manipulate market prices.

CertiK’s analysis showed that 84% of YouTube videos mentioning ‘frontrunning bots’ were fraudulent.

Victims are lured with promises of daily earnings with no investment. However, the software on offer actually steals assets when a transaction is attempted.

Enthusiastic comments under the videos are also written by bots to distract attention from genuine warnings urging users not to click the links.

Earlier, CertiK experts disclosed the black market for KYC checks.

Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.