A new type of MEV bot scam targeting users has been uncovered by security firm SlowMist, with scammers leveraging the popularity of AI tools like ChatGPT to deceive victims. SlowMist has urged users to avoid clicking on suspicious links or running unverified code. Users who believe the code was generated by ChatGPT, as claimed by the scammers, are at risk of losing their investments.
AI-Backed Fraud on the Rise
Cybercriminals are now using AI-related themes to lure users with promises of easy and passive income through MEV bots. Previously marketed as “Uniswap Arbitrage MEV Bots,” these systems have now been rebranded as “ChatGPT Arbitrage MEV Bots.” The scammers produce tutorial videos on platforms like YouTube, falsely claiming that they use ChatGPT to generate the bot’s code. This tactic is designed to reduce suspicion and convince users to set up a MetaMask wallet and supposedly create an arbitrage bot through a fake Remix site.
The scam begins by requesting users to deposit ETH to activate the bot. However, once the activation button is clicked, all the deposited ETH is transferred to the scammers’ wallets. According to SlowMist’s research, the wallet address used in the scam (0xAEF35f154C318c87744913f38A6d357691258122) has collected 30 ETH since late August. These funds are then sent either directly to crypto exchanges or to temporary storage addresses.
How Can Investors Protect Themselves?
Scammers target a large number of users, collecting small amounts to avoid detection. Many victims cannot recover their losses through legal means, and the scammers exploit this loophole, frequently changing names and continuing their fraud. The Remix platform has also issued warnings about such scams in the past, and users share their experiences in comments to warn others about these fraudulent schemes.
SlowMist advises all users to stay away from unknown links and suspicious code. For safety, users can review the code through tools like ChatGPT or Claude to check for security risks before running it. Many passive income seekers unknowingly fall victim to these scammers, so it’s crucial for investors to evaluate every opportunity thoroughly and safeguard their assets.
Stay Vigilant Against MEV Bot Scams
As more scams surface, it’s essential for users to be cautious about promises of easy income and thoroughly vet any platform or tool they consider using. This latest AI-powered scam shows how cybercriminals adapt to new trends and use them to manipulate unsuspecting users. Always double-check sources and ensure that your funds are protected.
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