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On YouTube, scammers lure cryptocurrencies through fake success videos via ChatGPT

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Recently, a new type of cryptocurrency-related scam appeared on YouTube. Scammers hire actors on Fiverr who probably have no idea what they are reading. They are talking about creating a bot using ChatGPT that will supposedly allow them to earn passive income from cryptocurrencies.

Usually the videos start with the actor explaining that he personally developed a bot that can make money without programming. They then warn about scammers in the cryptocurrency community and urge people to avoid interacting with “untrusted wallets” and “unknown exchanges.”

The script then moves on to an offer to copy the embed code to a website that claims to do a so-called front-run on cryptocurrency transactions. Of course, to do this you need to connect your cryptocurrency wallet.

However, if you follow the instructions in the video, you will simply send your cryptocurrencies to one of the many wallets controlled by anonymous scammers. Therefore, anyone who follows these instructions will lose their money instead of making money. Not all scam videos appear in search results and may be placed as paid advertising. Comments on these videos are generally positive, likely due to botnets designed to lend credibility to the scam.

So if you come across a video about how to easily earn cryptocurrency, it is probably a scam.