ZoneBitcoin EditorialYou may have heard about it on social media. It's a video with such a catchy title that the success on Youtube was resounding, of course. The video on Youtube titled "How to earn $1000 per day on Uniswap" is clearly a scam.
Once again, when it's too good, well, it's too good... We're going to explain to you here why this video and the techniques used are avenues for emptying participants' wallets.
What is this type of scam with font-running bots?
These videos are shot by developers who create front running bot with "Solidity", the programming language of Ethereum. The idea is to exploit "flaws" in decentralized exchange platforms such as Uniswap. These bots would generate a lot of money passively. The idea is tempting because it is one of the known strategies for exploiting price differences (it remains a form ofarbitrage) on the DEX.
💡 What is a front-running bot ? A front-running bot will analyze pending transactions and pay more expensive gas fees so that miners process its transaction first. Thus, it affects market prices subsequently. Bots are Robots are computer programs that automate trading. In themselves, these are not scams, it is the use made of them that can emerge as a scam.
Concretely, the creator of the video therefore offers – in his great generosity – a tutorial for creating these bots. The perpetrator actually creates a contract that redirects their victims' ETH to their own wallets. It's siphoning pure and simple.
The difficulty of preventing this type of scam
The first videos were reported on social networks like Twitter and Youtube. However, authors create new ones regularly. They create them in different languages including French to expand their targets.
Fortunately, some people like the engineer @_apedev, a specialist in MEV strategies was the first to expose this type of scam. Is that enough though?
Unfortunately, even as we write this post, the scam continues to circulate….On networks like Snapchat or TikTok, they reach thousands of views…
Hackers and scammers are rampant in the crypto world and are always inventing new ways to steal funds from their victims. They know how to innovate in methods as is the case with the latest known scam of Pig Butchering which comes to supplant the Rug Pull, For example….
Once again, be careful of all the promises that people make to you. We don't live in a world of care bears. A person who wants to help you become rich will always gain something in return. Don't forget it and stay focused on your crypto education and on good investments.
However, rest assured, you can make money with DeFi, only, the returns will not be as great and the time will be a little longer. That said, at least it will be a real enrichment.
–> These articles might interest you:
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- Make money with Binance without trading
- YouHodler Review: Here's how you can earn up to 12% per year!
Note: No financial advice is given in this or any other article on this blog. This is information of which you are the sole judge and master. Be responsible with your investments and only invest as much as you are willing to lose.
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