Open AI crypto bot is stealing from its users

An AI bot developed to seemingly advise people on their crypto investment plans has ended up defrauding the crypto hopefuls instead

Security researcher dm557, known for his X platform handle and pseudonym, has shared news about a new fraudulent project on GitHub that alleges to be helping investors with their choices of crypto, but is instead gaining access to their wallets.

Dm5777 has analyzed the project and determined that the bot contained a file known as “,” which decrypts data and transmits private keys, which is how the bot is actually telling nefarious third parties, and the authors behind the project, to get hold of what could be solid crypto holdings.

Dm557 is not the only person to has raised the alarm over the findings, with Evilcos, the founder of SlowMist, a crypto and blockchain security firm, also joining in. Evilcos is not the person’s real name, but a moniker he has chosen to communicate on X.

In any eventuality, the security expert has similarly warned about the dangers of the bot and cautioned consumers to be wary of automated solutions that offer to invest for them or that may otherwise have access to their private keys.

The use of “open source” software, though, has been clever, as users are generally less guarded against such solutions in the first place. This is mostly because people like Evilcos and dm577 are looking into such software solutions. This is the good news, the bad news is that it’s not yet clear how many people have already used the open-source AI bot to help them with their crypto, nor how many people have become a victim of theft already.

“If you are not familiar with the code, you need to be alert when you see fancy codes, because there may be something fishy hidden. Crypto is all about open source. If it is open source, it is eager to provide highly readable code. Who would bother with these fancy codes?,” Evilcos said warning consumers about the dangers they face and the red flags they need to be aware of.

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Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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