Smart contract scams on YouTube

[tech30338]

The reason why they got scam in the first place is because of greed, they thought they will earn more, you don't know the person why believe them, you don't need to trust anyone, we just saw them in the internet or social sites, and also some people are dumb enough to use their main wallet when doing this i have seen people who put their crypto in one wallet, use it to do other stuff like registering to a free airdrop, they did not know thats the start they will drain everything, their main purpose is to see if there is something they will get from that wallet or if in the future you will fund the wallet, that is their chance they are like planting a seed, so if you are gonna use a bot, please don't use the main wallet use something else.

[tabas]

The reason why they got scam in the first place is because of greed, they thought they will earn more, you don't know the person why believe them, you don't need to trust anyone, we just saw them in the internet or social sites, and also some people are dumb enough to use their main wallet when doing this i have seen people who put their crypto in one wallet, use it to do other stuff like registering to a free airdrop, they did not know thats the start they will drain everything, their main purpose is to see if there is something they will get from that wallet or if in the future you will fund the wallet, that is their chance they are like planting a seed, so if you are gonna use a bot, please don't use the main wallet use something else.

As much as we want to blame the victims for their fault, and it's true, these scammers are taking advantage of their ignorance and that's why because of their greed. The scammers are also riding that so that they become emotional and if someone says that there's money on their side and they can make easy money, they'll come there. Another thing is we shouldn't believe every video that we watch on YouTube. Even if it's advertised by an aged account or known celebrity, we've seen this happened before that accounts from celebrities were hacked and advertised scams that led many of their followers to lose money. So, don't follow the crowd and always verify!

[finaleshot2016]

This can work on other special other places like social media.

The attacker used aged account to post videos. The video can be AI generate to reduce cost but not all are AI generated. The attacker use the comment section to promote the scam. Anyone that falls for it and send money to the smart contract address provided by the scammer are scammed this way.

An example is the one on this link:
https://www.sentinelone.com/labs/smart-contract-scams-ethereum-drainers-pose-as-trading-bots-to-steal-crypto/?utm_medium=paid-search&utm_source=google&utm_campaign=amer-us-brand&utm_term=sentinelone

The scammer use trading bot advertisement to scam their victims over $900 thousand.

Be careful of what you see online. I always know that something related to bots are used to to scam recently. The trading bots are advertised to scam their victims.

There are bunch of this in Youtube, they also promote it so people can get interested on it quickly. Of course, you should find it sketchy as long as it's not a reputable account or doesn't have a lot of videos in the past. If it's just a recent upload and doesn't have a good channel that describe as an old channel, then avoid it.

Of course we can't blame newbies for trying and researching and didn't expect to get scammed by these scammers with fake SC.

[SuperBitMan]

Be careful of what you see online. I always know that something related to bots are used to to scam recently. The trading bots are advertised to scam their victims.

Yeah you are very correct we need to be very careful of what we see online because a lot of them are scam especially when it's too good to be true in terms of money making, this trading bots I usually see advert of it online and they say you can just use it and be making money in trading for me I did not believe it and I knew something like this can result to scam so I avoid things like that when is too easy or is too good to be true in terms of money making I usually don't by to it, a lot of people are always scam on a daily basis because of things like this.
I don't believe there is any trading bot that will make you to be gaining profit always it is not possible because this bots are programmed by human being and this human being uses their knowledge to program it and no one can be 100% accurate in trading meaning that no trading bot is 100% accurate, so I will advise if you are interested in trading go for a class and learn how to trade by professional and then start up, don't allow anyone deceive you, online scam are everywhere so be very careful in whatever online activity you involve yourself.

[DYING_S0UL]

How does this scam takes place actually? And why would someone send anything in the first place? Sorry but I don't understand the process. Will you kindly elaborate a little! I get that the smart contract is designed to drain the funds but one have to first send the funds right? Or is it through the malicious trading bot you mentioned? Or is it that they are promoting like, "if u send a certain amount in to this smart contract address, it'll give you a certain percentage of profits"!!!

All the information regarding the scam is available in the link that the OP shared. The scammers advertise a trading bot using an old Youtube account, this would make victims trust the details of the video, which explains to them everything about the smart contract scam that they have to launch. When a victim follows the instruction, launches the smart contract and funds it, the money is routed to the obfuscated scammers wallet address hidden in the smart contract. Voila, money gone, scammer richer!

Thanks, I initially thought the same but was still confused. Anyway, I looked at the link OP provided and what I found most unrealistic was the scammers Youtube channels comment section! I mean how can people believe or even fall for such lies? Is people becoming so naive these days? 1.5 eth, 2.9 eth, 0.8 eth in since 4 days? Man if earning were that easy everyone would be rich overnight. This is why I always tell this to myself, if it's too good to be true then it's probably a scam.

[promise444c5]

Anyway, I looked at the link OP provided and what I found most unrealistic was the scammers Youtube channels comment section! I mean how can people believe or even fall for such lies? Is people becoming so naive these days? 1.5 eth, 2.9 eth, 0.8 eth in since 4 days?

Lol, that's just an inner circle.. They probably have their own scams but help each other boost them,whichever works likely earns them a small percentage.
Hence, no matter how gullible the comments seem to you, some uninformed, greedy, and desperate individuals will still fall for it.. I guess after they experience it, some will learn the hard way though it could hurt.

[Floxynice]

This can work on other special other places like social media.

The attacker used aged account to post videos. The video can be AI generate to reduce cost but not all are AI generated. The attacker use the comment section to promote the scam. Anyone that falls for it and send money to the smart contract address provided by the scammer are scammed this way.

An example is the one on this link:
https://www.sentinelone.com/labs/smart-contract-scams-ethereum-drainers-pose-as-trading-bots-to-steal-crypto/?utm_medium=paid-search&utm_source=google&utm_campaign=amer-us-brand&utm_term=sentinelone

The scammer use trading bot advertisement to scam their victims over $900 thousand.

Be careful of what you see online. I always know that something related to bots are used to to scam recently. The trading bots are advertised to scam their victims.

This is not something new. It is common to see people promoting scams on social media. As common as this type of scam is, people will still fall victim to it. People are supposed to know by now that the social media is one of the places they should never take investment advice from. Social media does not filter the scammers out to avoid scamming innocent people. Everything works there, leaving people there to take charge of their security alone.

[OcTradism]

This is not something new. It is common to see people promoting scams on social media. As common as this type of scam is, people will still fall victim to it. People are supposed to know by now that the social media is one of the places they should never take investment advice from. Social media does not filter the scammers out to avoid scamming innocent people. Everything works there, leaving people there to take charge of their security alone.

Scam methods are not necessarily new to be used by scammers as in a same market, with time there are always newbies and new participants. Experienced participants in the market might not be scammed with popular scam methods while there are senior people still scammed if they are careless, greedy and ignore many basic principles.

Oppositely, new participants with lack of knowledge and experience are most vulnerable people to become victims of scammers. They must be responsible with what they do, knowledge they have as nowadays, with Internet and many open source, free educational resources, and with powerful AIs, they can learn easily.

[Sticky Bomb]

How could they possibly believe that sending funds to a smart contract would yield profits? This is likely identical to a Ponzi scheme, but disguised with YouTube videos to make it seem legitimate.

There are now many scams... if an offer promises unrealistic profits, it is definitely a scam. Because there is no such thing as a 2x return.

The right of the success of these scams are very simple, the victims are greedy, and they want to get something for nothing. Else how do they think the creatures of such smart contracts would get funds to pay them?

Scammers exploit these greed Inherent in people and scam them. It's very funny how a system without a sensible business structure nor a convincing profits generator would be telling you that they would multiply your money and you'll trust them because you're already fantasizing on the imaginary dividend promised without questioning the authenticity of their business model nor the security of the funds you're about to invest.

[Coyster]

Anyway, I looked at the link OP provided and what I found most unrealistic was the scammers Youtube channels comment section! I mean how can people believe or even fall for such lies? Is people becoming so naive these days? 1.5 eth, 2.9 eth, 0.8 eth in since 4 days? Man if earning were that easy everyone would be rich overnight. This is why I always tell this to myself, if it's too good to be true then it's probably a scam.

That is the scammer taking advantage of people's greed. They control the comment section, they delete posts that call them out for what they are: scammers. And they post "success stories" in the comment section, because they are very certain that the greedy ones must be attracted by it, and when they see that everyone in the comment section is talking about how successful it was for them, they will take a shot at it.

It is very difficult for a greedy person not to fall for scams. Were others will pause and do more research because something looks too good to be true, a greedy person will see it as an opportunity to get more from less input.