The LIBRA What is the latest in coin scandals? In a report in which blockchain security firm CertiK disclosed that scammers are now targeting automated trading robots rather than the original launch mechanism.
Speaking to Decrypt Kang Li Kang, CertiK’s chief security official and a speaker at Consensus Hong Kong held last week shared some insights about how certain smart contracts were designed deliberately to be aimed directly at snipers.
"It turns out the target they are going after are the AI trading bots," Li said.
How to get the best out of your insights Hayden Davis. the self-declared "launch strategist" The following are some examples of how to use LIBRA Other celebrity memes, such as the project called a "zero-sum game" Only a select few are in control.
"Even at the top, all of it is extractive to some degree—none of it has value," Davis said that in an You can also find out more about the interview by clicking here. Stephen Findeisen’s (Coffeezilla), last Sunday. "professional snipers" Are involved in the launch of meme coins, front-running tokens and buying in to a launch before it is announced publicly.
Smart contract trading is the process of using bots to monitor activity on the blockchain in order to identify newly released tokens. They then execute trades prior human traders.
They are designed to execute trades when liquidity is available.
Li describes a new generation of scammers who are creating fake tokens that have hidden messages. "backdoors" AI-powered bots that detect risks can be programmed to look for what appears safe.
The AI bots that trade on the market are not only a good way to earn money, but they also help you make more profit. "are not dumb" Analyze tokens "to see if you have any clear rug-proofing function there," Li pointed out that the scammers turned this scheme into a bait and switch.
Scammers release a fake token to trick people. "immediately promote [this] in all the AI trading community," You can also find out more about the following: "once they have a few buys, they rug pull it," Li said.
The killers just don’t stop
Li dispels the myth that blockchain is not necessary to protect meme coins, pump-and dump schemes and other similar projects. Instead, Li argues, real risk lies in those who control the tokens and price manipulations.
The scammers are everywhere. "massive scale," Potentially causing financial losses "tens of millions of dollars," Li added. With little fear of legal consequences, scammers 'just keep killing' trading bots, exploiting the lack of a single big victim.
"Law enforcement and regulation, nobody cares about that," Li said.
Although there are technical solutions, it is almost impossible to implement them without creating new security flaws.
"There are some anti-sniping solutions, people can do that to block them in the smart contract layer," BitLayer founder Charlie Hu told Decrypt In a separate conversation. "They detect abnormal gas fee payments and transactions, but many teams avoid these protections."
Smart contracts can be designed in a way that creates loopholes. Sniping bots will still be able to exploit the system if strict rules are not in place regarding who is allowed to trade and how transactions are carried out.
"If developers make it pure permissionless, you just let the scammers go through," Hu said.
Sebastian Sinclair is the editor
