“Scam involving ‘slippage bot’ and ChatGPT on YouTube: How to Avoid the Trap?”

Fraud Involving “Slippage Bot” and ChatGPT on YouTube

Recently on YouTube, there have been ads regarding a “slippage bot” that purportedly utilizes the artificial intelligence ChatGPT and promises users passive income from cryptocurrencies. Unfortunately, everything indicates that this is another scam aimed at extorting money from gullible investors.

The Dazzling Scheme of the Frauds

According to information, actors hired on the platform Fiverr to read prepared scripts are unaware that they are participating in promoting a fraud. In the videos, individuals are seen reading scripts claiming that they have created a bot through ChatGPT that enables generating income from cryptocurrencies without any programming knowledge.

The videos suggest copying a special code that supposedly enables achieving profits through “front run” on cryptocurrency transactions. Unfortunately, the individuals providing instructions send their funds to wallets controlled by anonymous fraudsters, resulting in the loss of investments.

Regaining Control

Fiverr has responded to the situation by blocking accounts involving actors promoting the fraud and offering compensation to one of them for engaging in dishonest activities. Nevertheless, clips featuring naive actors continue to circulate on YouTube as paid ads, further victimizing people.

Reaction in the Cryptocurrency Community

The scam involves creating identical scripts read by various people, making it harder to recognize and combat the fraud. It is estimated that scammers could be making hundreds of thousands of dollars, while victims are facing losses in the range of several thousand dollars.

Institutional Response

The U.S. Federal Trade Commission has received complaints about ChatGPT related to cryptocurrency scams. In response, YouTube is ramping up efforts to remove channels promoting scams and is taking action against ads that violate its policies.

It is crucial to exercise caution in the realm of investments, particularly in the cryptocurrency market, where scams can be prevalent and lead to significant financial losses.