This paper presents the first comprehensive analysis of an emerging cryptocurrency scam named "arbitrage bot" disseminated on online social networks. The scam revolves around Decentralized Exchanges (DEX) arbitrage and aims to lure victims into executing a so-called "bot contract" to steal funds from them. To entice victims and convince them of this scheme, we found that scammers have flocked to publish YouTube videos to demonstrate plausible profits and provide detailed instructions and links to the bot contract.
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Li et al. (2024) studied this question.
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