MEV BOT SCAM EXPOSED (Don't Fall For This)

hey guys Dean here so in today's video we're going to be talking about crypto and I want to actually expose a big scam that's been running on YouTube now I've reported this to YouTube but the channels and the videos haven't been taken down yet but this is getting kind of widespread there's quite a few channels and I believe it's the same scam is actually running them and I have actually fallen for this scam myself surprisingly it's the first scam I've actually fallen for but this is a crypto scam now there's basically this huge craze right now in the crypto world of something which is called a Mev bar and if you don't know what Mev bot is I'm going to explain to you so an ethereum mbot is basically a script that automates the process of identifying and exploiting Mev opportunities on the ethereum blockchain and basically a medbot refers to some kind of software or program that detects and exploits profitable opportunities on ethereum's blockchain by manipulating the order of transactions in a block and it can perform strategies such as Arbitrage front running sandwiching and Flash loans and basically sandwiching is what most these medbots do now there's a guy called Jared from Subway and I'm not talking about the guy who was from Subway and got arrested for being like a weirdo this is actually a guy in the crypto scene who's been making a ton of money from eth basically this guy's bot reportedly earned more than $40 million in 3 months from running these mbot algorithms and having his own bot do it right some people say that it was more like $2 to4 million but it's a crazy amount of money and basically you're sending loads of Trades and you're saging an existing trade on the blockchain and squeezing it of value and then you're making a profit off it it's more complex than that but that's the basic way to describe it and because people want to get their hands on these Mev Bots and people who don't really understand programming or making code or making their own Bots they want a quick way to do it right so they'll go on YouTube they'll type in Mev bot and they'll try and find one now there's loads of these generic AI based channels out there this one for one David Defi and they just Mark themselves as a generic crypto investor and web 3 programmer who's just sharing great money-making techniques right like this chat GPT AI trade B how to make $1,000 per day now most of the time these videos would just seem like a scam I don't watch these videos $1,000 a day I was actually planning to make my own video where I make my own crypto trading bot and make a video documenting it and I fell into the Trap of trying to figure out how to do it and I fell into this scam because it was kind of in the search order that I was looking for right and basically I fell on this channel and there's loads of them with similar names like defi or investor that seems scamming on the surface and basically they'll show you a script which they've apparently made in chat GPT and they kind of show you a little bit of so-called evidence to show it's legit and it's not scammy it's quite compelling actually and it has an AI voice over which is the first red flag because it's not a real person it also has an AI generated picture which is probably either made with like mid Journey or a more realistic fake person generator believe it or not this guy is not a real person this isn't the guy who actually owns the channel this is an AI person and they give you like some code for a bot right and throughout the tutorial video they explain what it is or try and convince you what it is because it's actually a scam and they'll show you a basic tutorial of setting up remix which is basically solidity which is the remix IDE which is the development environment to actually code things on the ethereum blockchain and they'll show you how to make a smart contract and they'll basically give you this generic smart contract of GitHub to make it seem also more legit because github's like this open- Source website where you get code which is usually vetted and checked and you paste it in and they tell you to double check the addresses to also make you trust them so they'll say check the addresses it'll say that it's ethereum and it's going to the right coin or it's on the right blockchain as you will so they obviously make you trust them but this smart contract they tell you to top up ethereum in your wallet so that you have some ethereum to actually pay the gas fees then they tell you to get some ethereum to then send to your smart contract that they gave you you top it up and then there's some buttons in the smart contract after you deploy it cuz first of all you have to also spend gas fees to deploy it and if we just skip ahead when you deploy it here it shows some buttons start withdrawal and then some Gunk buttons that do nothing start is basically to start the actual smart contract after you've deployed it it starts it basically start does nothing apparently it starts the bot but it doesn't start the bot it actually sends your crypto to the hijacker wallet so the scammers who made the smart contract it sends your crypto which you put in the contract by sending it to the contract's address and when you press start it doesn't do sandwich attacks it doesn't do anything to do with a medbot it sends it directly to the scammers and hijackers crypto wallet okay and when you press withdrawal it does nothing it sends like some fake transactions to your wallet that just get stuck and then you can't cancel them even the start one gets stuck and I got to the point where I put like a tiny bit of money in cuz I knew it might be a scam it didn't get sent to the attacker because it got stuck too but then after I unstuck the transactions manually to fix my wallet basically the crypto Got Hijacked but the thing is is even if you don't get your crypto stolen you can't actually take out of the smart contract so once you realize you messed up you can't actually get it out so this is just a warning to anyone who potentially thinks they're getting a mbot this is just a gigantic scam and hijackers a profiting off your crypto so I just want to explain this cuz this is actually a scam a lot of people falling for and like I said this is like probably the first scam I've ever fall for in my life cuz it was quite compelling and if I fall for it then I know a lot of other people who haven't really been in this scene are going to fall for it okay as you can see it shows contract it shows you ever scan so it looks legit now I actually traced the wallet address of the hijackers and I actually found out how much crypto they have unfortunately I can't share the wallet address because it's on my laptop and I can't remember what the address is but I did a little bit of investigating so these kind of scams they're using ethereum right so everything's on the blockchain the evidence is on the blockchain you can actually trace it through other scan so they tell you to go on other scan to prove it's legit to check your contract but they're unwittingly telling you a website where you can use to actually Trace their wallet so I trace their wallet this particular Channel David defi the scammers account basically has a wallet which has $25,000 of ethereum in so that means a lot of people have probably fall for this scam Now it only has 5,000 views but typically people might be topping up with quite a lot of crypto to actually try and fund the bot to them profit okay as you can see it's quite compelling they've actually removed all the comments cuz I did actually comment on it saying it was a scam but obviously the scam is going to remove that and they've only filtered some bot comments that they've put on themselves saying that it's really good which also improves the trust Factory and makes you believe them that's another thing that's actually the only reason I did it because I saw people saying it was legit but obviously the uploader can monitor the comments so this is just to tell people to be aware of the scam this is a scam we could just uh copy and paste this onto YouTube and just type in like mbot or something and press enter we'll see if we can find some other ones so we have quite a few of these scams over here we have another one David web 3 it basically it starts with like a random name as you can see both channels are called David I don't know they have like some weird like infatuation with like people called David I guess scammers they have a channel called David then it's like web 3 or defi it'll just be like a generic name and then like some job roll they just have like generic Channel names right so you can kind of spot them very easily so yeah just a quick video kind of like a public service announcement don't fall for these videos this is actually a really good money-making technique actually that these hackers are doing but if you use this website ever scan and put your wallet address in here or put the actual address of the smart contract in if you formed the scam already then you can actually trace the transactions where the money's been sent to from the actual smart contract and you'll find the Jacker address cuz everything's public on the ethereum blockchain ethereum is not a private coin so then you can get the address of the hijacker now this could be like a dead wallet but if they pulling a scam they want to obviously re-root the money to actually realize the gains right So eventually they're going to withdraw the money so I would basically re-root find the water address of the person and then make like a police report you could probably send the information of this scam to like the FBI or something cuz it's a very big scam you can find the wallet address publicly and then obviously report them and if they want to pull money off the exchange then they have to put in the real ID to actually withdraw money so these kind of scammers will eventually get caught so it's kind of a bad scam if you're falling for this just make sure you actually get the addresses and the information if you do want to report it and it's very easy to find this with other scan it's all public on the blockchain so if you're form for this leave any comments below let me know about it and just report the channels to YouTube they might not take them down they've not taken down this one in question yet but if you report them they hopefully will and I'd recommend just reporting these kind of scams to the FBI because the government obviously want to crack down on crypto as is so if you report these scams they probably will actually do something about it you probably won't get your money back but the scammers probably will get caught but these scams aren't going to stop but this is just the information to give you so you don't fall for it if this is the first time you seeing it if you falling for it we've learned our lesson hopefully we'll be aware of similar ones next time the crypto landscape is always changing so these scams always get more sophisticated and kind of hard to actually sus out I actually pasted the smart contract into chap gpts GPT 4 and even GPT 4 couldn't read the code and realize it was a scam because the method they use used is they copied their wallet address to obviously hijack and send your coins to but they split it up into like five or six sections of bites and then they encrypted those bytes and then there's an area of the code where they obfuscate it so you can't actually tell that it's a wallet address and then naturally it uses like an algorithm to decrypt it so only the smart contract understands it and then it sends it to that address so it kind of masks it but like I said it's only masked in the actual solidity code itself you can still use other scan after your money's been stolen to see where it got sent so the hackers aren't hiding the tracks they're only hiding it before you actually fall for the scam so you can figure out the paper trail that it leads to if you want to report them and I hope you guys don't for this scam and I'll see you next [Music] [Music] time

Channel: Dean Alma

Views: 81,300

Keywords: mev bot, mev bot scam, crypto scam, mev bot ethereum, cryptocurrency, blockchain, arbitrage, mev, crypto, solidity, trading bot, crypto bot, scam, scams, mev arbitrage, mev sandwich bot, crypto arbitrage, mev bots, crypto trading bot, uniswap arbitrage, crypto mev, crypto trading, crypto news, ethereum trading bot, ethereum, mevbot, mev bot example, mev ethereum, mev sandwich, arbitrage bot, mev bot tutorial, ai trading bot, ethereum bot, ethereum mev, chatgpt mev, eth mev bot

Id: c67wWQOpTns

Length: 9min 59sec (599 seconds)

Published: Thu Jul 27 2023