SlowMist Flags New Breed of MEV Scam Bots Targeting Crypto Users

• SlowMist has flagged a new trick employed by arbitrage MEV bots.
• Malicious actors use the trick to make their scams appear legitimate.
• The tactic’s use has recently surged, prompting experts to issue the warning.

Blockchain security firm SlowMist has exposed a new breed of MEV bot scams leveraging the AI frenzy to prey on unsuspecting crypto traders.

SlowMist founder Cos warned about arbitrage MEV bot scams earlier this year. However, malicious actors have since switched to a new tactic, adapting trending AI topics like “ChatGPT” to grab more attention from users and add a veneer of legitimacy to their scams, prompting the security firm to address the risk.

How Scammers Use AI to Deceive Crypto Users

In a blog post on October 13, SlowMist said arbitrage MEV bot scammers often claim in their online videos to have used ChatGPT to generate the tool’s code, which helps ease users’ concerns about any harmful function or malicious intent in the bot.

According to the post, the “use of AI” is only a marketing tactic, briefly mentioned in tutorial videos that contain numerous red flags for a crypto scam , such as recycled footage, out-of-sync audio and video, and dubious accounts likely belonging to second-hand buyers.

SlowMist’s investigation into these videos revealed that scammers claim their MEV bots can monitor new tokens and volatile price action on Ethereum to seize opportunities, misleading users into believing all they need to do is sit back and watch their money grow.

But before reaping the “lucrative” gains, users are asked to connect their MetaMask wallet to a fake Remix website and deploy ETH-funded smart contracts.

“The more ETH they deposit, the greater their supposed profits. But when the user clicks “start,” the deposited ETH vanishes — funneled straight into the scammer’s wallet via a backdoor coded into the smart contract,” the post read.

The SlowMist security team urged users to verify scammers’ claims using tools like ChatGPT and Claude to protect their assets from being compromised by these bots. Other measures include avoiding dubious links and staying vigilant of malicious behaviors.

Read about Bitget’s tightened token listing rules for fighting exit scams:
Bitget Tightens Token Listing Rules to Fight Exit Scams, Rug Pulls

Stay updated on how a VC-linked entity lost millions to a phishing scam:
Crypto VC-tied Entity Loses $35M in fwDETH to Phishing Attack