Bitcoin bot scam are becoming more and more popular with investors, but they’re not without risks. In this article, we’ll look at how to spot a bitcoin bot scam and what to do if you fall victim to one.
The iEarn Bot is a well-known cryptocurrency trading bot that claims to “guarantee continuous income to traders with no experience.” However, it’s widely considered to be a scam, as its profits are allegedly faked. The bot’s website, ads and Twitter account all appear legitimate, but they aren’t. The iEarn Bot’s true profit is based on upfront fees, rather than actual trades.
Beware of Bitcoin Bot Scams: How to Spot and Avoid Them
MEV bot scams are a type of crypto fraud that involves manipulating transactions on the Ethereum blockchain to steal value from unsuspecting users. These bots typically use web3 libraries and APIs to interact with Ethereum nodes, DEXs and smart contracts. MEV bots can also exploit bugs or vulnerabilities in a smart contract or protocol, such as the 2022 Harvest Finance hack.
Another common type of cryptocurrency fraud is blackmail or extortion. This is when a scammer threatens to release compromising information about you (photos, videos, passwords etc.) unless you pay them. This type of scam is often difficult to detect, and it’s best to stay away from anyone who asks you for money in exchange for a crypto transaction.
If you’ve lost money due to a bitcoin bot scam, it’s important to take action as soon as possible. If your investment was large, it’s recommended that you contact a lawyer specializing in investment fraud. You should also file a report with the police and financial supervisory authorities to avoid future fraud.