As AI keeps attracting public interest, several scammers are leveraging the opportunity to abuse the AI trend. As per SlowMist, a blockchain security platform, a recent spike in arbitrage Maximal Extractable Value bot scams signifies the efforts of cybercriminals to embed such fraudulent mechanisms into their online tutorials. By benefiting from AI buzzwords, especially “ChatGPT,” such scams promise profits but rather siphon funds straight into the scammers’ wallets.

Scammers Deceive Victims by Using Catchy Words Like ‘ChatGPT’ for Their MEV Bot Scams

SlowMist revealed that the scammers deceive the victims with the ill use of catchphrases including “ChatGPT” and other such words. They leverage all this and trick their targets into giving them their hard-earned funds. Formerly, the founder Cos of SlowMist to social media to caution the crypto community regarding the dangers dealing with arbitrage MEV bot scams. The scammers market these bots as instruments that leverage the price inefficiencies existing on Uniswap and other such decentralized exchanges. With this, they falsely promise the consumers regarding passive income opportunities.

At first, such scams promoted used the disguise of easy-to-use and simple Uniswap Arbitrage MEV Bots. Nevertheless, since then, cybercriminals have moved toward a rebrand. Hence, they have started using the influence of AI technology by claiming ChatGPT’s use for their MEV bots. In this respect, they offer deceptive claims that consumers can make approximately $2,000 regularly without any effort.

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The security team of SlowMist disclosed that the rebranding has effectively attracted several more victims. The inclusion of AI-related words makes these scams appear credible. Thus, the uninformed users deemed them legitimate. A possible reason for this is that the AI realm has gained significant attention in terms of productivity and innovation. This leads scammers to capitalize on their respective perceptions.

SlowMist Highlights the Points to Detect Such Scams

However, SlowMist also highlighted some points with which it is easy to detect these scams. In the tutorial videos that the scammers make to grasp the attention of their victims, ChatGPT’s mention is minimal. They do this as a marketing ploy. The audio and video often do not have synchronization. This suggests that the production quality of these videos is very poor. Some of the clips seem recycled, igniting suspicions about their creation from some other content. Moreover, the YouTube accounts on which these scams are pushed are considered to be bought by scammers.