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Blockchain security firm SlowMist has issued a warning about a resurgence of an old trading bot scam, now rebranded to exploit the current hype around artificial intelligence.

The scam, previously known as the "Uniswap Arbitrage MEV Bot," has been rebranded as the "ChatGPT Arbitrage MEV Bot" to appear more legitimate.

Scammers are using OpenAI’s ChatGPT in the names of their fake trading bots to suggest credibility.

They claim to have used ChatGPT to generate the bot’s code, easing users’ doubts about any malicious intent.

Victims are lured with promises of significant profits by monitoring new tokens and price fluctuations on Ethereum. They are encouraged to create a MetaMask wallet and click on a fraudulent link on the Remix platform.

Once the bot is deployed and funded, the deposited ETH is funneled directly into the scammer’s wallet via a backdoor in the smart contract.

SlowMist has identified three scammer addresses using these techniques, with one stealing 30 Ether (worth over $78,000) from over 100 victims since August.

The scammers employ a "wide-net approach," stealing small amounts from many victims who often don't bother trying to retrieve the funds.

SlowMist also noted that many videos promoting this scam on platforms like YouTube contain red flags such as out-of-sync audio and video, recycled footage, and unusually high praise in the comments section.