According to a report dated 1 December from blockchain security company CertiK, there will be a six-fold increase in questionable content on YouTube because of the tremendous growth of front-running scam bots.
“There are common themes in all of these videos: free code and huge returns. Successful runners won’t give away free code on a social media site, they will sell it for a large amount on underground forums.”The scam leads victims to download bogus bot software that steals their assets whenever they start a front-running transaction. Nevertheless, f
The bots typically search for unconfirmed transactions on blockchains and then pay more gas to move ahead of such transactions, “basically beating it to the punch and collecting all the profit on offer” from a trade. Naturally, the comment areas of the videos were flooded with innumerable automated remarks applauding the content, drowning out genuine comments that raised red flags.On 17 November, CertiK published a different report explaining how cryptocurrency scammers have been exploiting identities purchased on the black market to place their names and faces on phony enterprises. The identities of these so-called “Professional KYC actors” may be acquired for as little as $8.00.