Beware: Passive Income ChatGPT YouTube Scam Exploits Actors and Crypto Investors

March 29, 2024

A fraudulent scheme has surfaced on YouTube, posing a threat to both cryptocurrency investors and the unwitting actors co-opted into working in those videos. Dubbed the passive income ChatGPT scam, this insidious operation not only drains victims’ crypto wallets but also exploits individuals probably deceived into delivering false testimonials. 

The passive income ChatGPT scam operates under the guise of offering effortless wealth to cryptocurrency investors. Using advanced chatbot technology, scammers create misleading videos on YouTube, promising viewers substantial profits with minimal effort. 

The Actors, the Script and the Scam

Investigative efforts by journalist Matt Novak have shed light on the intricate workings of this scam, exposing its malicious intent and detrimental impact. His investigation highlighted the scam’s deleterious impact on crypto holders and the broader cryptocurrency community. 

The scam videos show actors take on the persona of pseudo-developers behind ChatGPT-powered bots, despite their lack of knowledge in coding. Their narratives weave tales of effortless wealth accumulation, bolstered by claims of substantial earnings while asleep.  

To make it more convincing, the actors emphasize the prevalence of scams within the cryptocurrency realm, warning viewers against engaging with unfamiliar wallets and unknown exchanges. This tactic is designed to enhance the allure of legitimacy, captivating unsuspecting audiences and luring them into the web of deceit.

Viewers are drawn into the scheme by being prompted to paste code into websites, purportedly enabling a “front run” on cryptocurrency transactions. However, this seemingly innocuous action results in unwittingly sending crypto assets to scammers through a manipulative sandwich attack—a deceitful tactic employed by malicious actors to illicitly obtain funds. 

What’s more, even vigilant victims who scrutinize the code will find no obvious red flags, as the scammers cleverly conceal the genuine wallet address by fragmenting it.

Given that these individuals are merely actors, the question arises: how were they convinced to deliver scripted testimonials? Unbeknownst to them, these actors involved in the passive income ChatGPT scam were legitimately sourced through platforms such as Fiverr. They were completely unaware of the deceptive nature of the content they were hired to deliver.

In May 2023, the California Department of Financial Protection and Innovation (DFPI) shed light on a concerning trend: scammers leveraging the excitement surrounding artificial intelligence (AI) to deceive investors. Exploiting the buzzworthy nature of AI, these fraudsters employed deceptive tactics, enticing investors with promises of lucrative returns. 

Protect Yourself

One prevalent form of investment fraud identified by DFPI involves scammers utilizing AI as a selling point to lure unsuspecting individuals into parting with their funds. These fraudulent schemes often purport to employ AI technology for cryptocurrency trading, falsely claiming to generate unrealistically high profits for investors.

To safeguard yourself from falling prey to YouTube scammers promoting fraudulent schemes, it’s essential to undertake thorough research before engaging with any offers or investment opportunities showcased in videos. Exercise skepticism when encountering promises of guaranteed returns or effortless wealth, as such claims often signal potential scams. 

Verify the identities of individuals featured in the videos, especially actors, to ensure their legitimacy. Refrain from sharing sensitive personal or financial information with unknown individuals or platforms promoted in YouTube videos. Stay informed about common cryptocurrency scams and tactics used by fraudsters to recognize red flags and avoid becoming a victim. 

If you encounter suspicious content, report it to YouTube for review and potential removal. Seek guidance from reputable sources within the cryptocurrency community to navigate the crypto space safely and protect your investments from fraudulent schemes.

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