Front-running bots, also known as tailgating bots, are gaining impressive popularity on YouTube, with the number of suspicious videos increasing sixfold by 2022, according to the latest report from blockchain security firm CertiK.
What CertiK’s reports disclose
In the organization’s Dec. 1 report, CertiK testifies how a string of tailgating bot scams promises free returns of up to 10x a day, eventually only to end up clearing people’s money. Especially, Certik’s survey found that 84% of videos on YouTube introducing “front running bot” were scams, with the number escalating by 500% from 28 videos in 2021 to 168 videos in 2022
The scam typically directs victims to downloaded fake bot software designed to mop their assets as soon as they try to initiate a tailgating transaction.
Even though there are no scams, front-running bots cause problems as they can benefit the operator over other crypto traders in certain conditions.
The front-running bots usually scan blockchains for unsupported transactions and then pay a vast gas fee to get out for those transactions, “essentially thrashing it and taking any profit offered” from a deal.
The report associated videos with suspicious titles such as “$15,000 Front Running Crypto Bot Leak! – 50x HUGE RETURNS!” and “Uniswap Front Running Bot 2022 – EASY TUTORIAL (Huge Benefits),” in which scammers produce fake tutorials on how to download and use the bots.
More into the Front-running chaos
The comments sections of the videos are naturally submerged with innumerable bot comments worshiping the content so that genuine comments that set notification bells ringing are covered under the noise.
Front-running scam reports have been insidious lately, as Cointelegraph revealed on Nov. 22 that ‘Deepfake videos portraying Sam Bankman-Fried were circulating online with an objective of misleading people affected by FTX’s bankruptcy.’
Whereas, CertiK released a separate report on Nov. 17 describing that crypto scammers have used identities acquired on the black market to place their names and faces on fraudulent projects. Described as “Professional KYC actors,” CertiK found that they could obtain their identities for as little as $8.00. However, some members also claimed that the YouTube algorithm had suggested these videos to them in the list of their top recommendations.