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    Home»Crypto News»From LIBRA to AI Bots: How Crypto Scammers ‘Hold Killing’ Automated Merchants – Decrypt
    From LIBRA to AI Bots: How Crypto Scammers ‘Hold Killing’ Automated Merchants – Decrypt
    Crypto News

    From LIBRA to AI Bots: How Crypto Scammers ‘Hold Killing’ Automated Merchants – Decrypt

    By Crypto EditorFebruary 24, 2025No Comments3 Mins Read
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    From LIBRA to AI Bots: How Crypto Scammers ‘Hold Killing’ Automated Merchants – Decrypt

    Within the fallout of the LIBRA meme coin scandal wherein insiders acquired superior data of the launch mechanics, blockchain safety agency CertiK revealed how a brand new breed of scammers is switching techniques to focus on automated buying and selling bots as a substitute.

    Talking with Decrypt at Consensus in Hong Kong final week, CertiK chief safety officer Kang Li shared insights into how some sensible contracts are being intentionally designed to focus on the snipers themselves.

    “It seems the goal they’re going after are the AI buying and selling bots,” Li stated.

    The insights are in response to how Hayden Davis, the self-styled “launch strategist” for LIBRA and different movie star meme cash, described such tasks as a “zero-sum sport” wherein only some have management.

    “Even on the high, all of it’s extractive to a point—none of it has worth,” Davis stated in an interview with Stephen Findeisen (Coffeezilla) final week Sunday, describing how “skilled snipers” are concerned in meme coin launches, front-running a token and loading as much as purchase in earlier than a launch is publicly introduced.

    Sensible contract sniping is a technique the place bots monitor on-chain exercise to detect newly launched tokens and execute trades earlier than human merchants can react. 

    These bots function inside on-chain infrastructure and are programmed to position trades as quickly as liquidity turns into out there.

    Li explains {that a} new breed of refined scammers is designing faux tokens with hidden “backdoors” that seem secure to AI-powered buying and selling bots, that are programmed to detect safety dangers. 

    Whereas these AI buying and selling bots “are usually not dumb” and analyze tokens “to see when you’ve got any clear rug-proofing perform there,” scammers have turned this right into a bait-and-switch scheme, Li identified. 

    When a token is launched, the scammers “instantly promote [this] in all of the AI buying and selling neighborhood,” and “as soon as they’ve a couple of buys, they rug pull it,” Li stated.

    They only maintain killing

    Li challenges the concept blockchain safety isn’t essential for meme cash and pump-and-dump schemes, arguing that the actual dangers lie in who controls the token, worth manipulation, and the historical past of these behind it. 

    These scams are taking place on a “large scale,” doubtlessly inflicting losses within the “tens of hundreds of thousands of {dollars},” Li stated. With little concern of authorized penalties, scammers ‘simply maintain killing’ buying and selling bots, exploiting the dearth of a single massive sufferer. 

    “Legislation enforcement and regulation, no one cares about that,” Li stated.

    Whereas technical options exist, implementing them with out introducing new safety vulnerabilities is sort of unattainable. 

    “There are some anti-sniping options, folks can do this to dam them within the sensible contract layer,” BitLayer founder Charlie Hu instructed Decrypt in a separate interview. “They detect irregular gasoline payment funds and transactions, however many groups keep away from these protections.” 

    Such options set parameters to forestall sniping, however the way in which sensible contracts are designed can create loopholes. In different phrases, if there are not any strict controls over who can commerce or how transactions are executed, sniping bots can nonetheless exploit the system.

     “If builders make it pure permissionless, you simply let the scammers undergo,” Hu stated.

    Edited by Sebastian Sinclair

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