China issues first arrest over fake news created with ChatGPT: Report
Alleged fake news poster becomes first person in China arrested for using artificial intelligence platform ChatGPT.
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Značka: BoT
Microsoft axes Bing wait list, giving users free access to GPT-4
Bing is set to receive several much-requested AI-powered features that could put it in competition with OpenAI’s ChatGPT Plus subscription service.
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Subway-themed trading bot makes millions using ‘sandwich’ attacks
The anonymous MEV bot operator’s best day was April 18, where he profited about $950,000.
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StabilityAI launches StableLM open-source alternatives to ChatGPT
StabilityAI announced the launch of StableLM, a suite of open-source large language models.
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3Commas issues security alert as FTX deletes API keys following hack
Automated crypto trading bot provider 3Commas issued a security alert after identifying certain FTX API keys being used to perform unauthorized trades for DMG cryptocurrency trading pairs on the FTX exchange.3Commas and FTX conducted a joint investigation in relation to reports from users of unauthorized trades on the DMG trading pairs on FTX. The duo identified that hackers used new 3Commas accounts to perform the DMG trades adding that “The API keys were not taken from 3Commas but from outside of the 3Commas platform.”A subsequent investigation found fradulent websites posing as 3Commas were being used to phish API keys as users linked their FTX accounts. The FTX API keys were then used to perform the unauthorized DMG trades.3Commas further suspects that hackers used 3rd-party browser extensions and malware to steal the API keys from users, adding:“To reiterate and clarify, there has been no breach of either 3Commas account security databases or API keys. This is an issue that has affected multiple users who have never been customers of 3Commas so there is no possibility that it is a leak of API keys originating from 3Commas.”Both FTX and 3Commas identified suspicious accounts based on user activity and suspended the API keys to avoid further losses.A set of guidelines shared by 3Commas for user’s safety. Source: 3CommasFTX users that have connected their accounts with 3Commas and receive a message regarding their API being “invalid” or “requires updating” must create new API keys. In such cases, 3Commas suggested that:“It is possible your API details were compromised and the API key has been deleted by FTX.”Users have the option to create a new API key on FTX and link it to their 3Commas account to ensure no disruption to active trades.3Commas are currently working with the victims to provide assistance and gather more information about the hackers.Related: Voyager customers could recover 72% of frozen crypto under FTX dealFTX recently partnered with Visa to roll out debit cards in 40 countries worldwide. The partnership allows FTX users to pay for goods and services using debit cards that boast “zero fees” and no yearly charges.The market reacted to the development as the FTX token spiked 7%, momentarily reaching a trading price of $25.62.
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MEVbots backdoor drains users’ Ethereum funds via arbitrage trading bot
MEV gain, an Ethereum (ETH) arbitrage trading bot built by MEVbots, which claims to provide stress-free passive income, has been actively draining its users’ funds via a fund-stealing backdoor. Arbitrage bots are programs that automate trading for profits based on historical market information. An investigation of MEVbots’ contract revealed a backdoor that allows the creators to drain Ether from its users’ wallets. Our analysis confirms what the @mevbots promotes for the so-called “MEV gain” has a fund-stealing backdoor. Do *NOT* fall prey to it https://t.co/z2eDqMF36b. And thanks @monkwithchaos for the heads-up https://t.co/dhSNGljoH0 pic.twitter.com/HWfCAwbae4— PeckShield Inc. (@peckshield) September 23, 2022The scam was first pointed out by Crypto Twitter’s @monkwithchaos and later confirmed by blockchain investigator Peckshield. Suspect account @chemzyeth promoting MEV services. Source: Google cacheFollowing the revelation, primary promoter of MEV @chemzyeth disappeared from the internet.@chemzyeth’s Twitter account deleted after community callout. Source: TwitterPeckshield further confirmed that at least six users had fallen victim to the backdoor attack.Transaction of stolen funds from MEV gain’s fund-stealing backdoor. Source: Peckshield However, considering that the contract is still active, at least 13,000 unwary followers of MEVbots on Twitter remain at risk of losing their funds.Related: ETHW confirms contract vulnerability exploit, dismisses replay attack claimsCarrying forward the success of scalability-focused layer-2 solutions, Ethereum co-founder Vitalik Buterin shared his vision for layer-3 protocols. He stated:“A three-layer scaling architecture that consists of stacking the same scaling scheme on top of itself generally does not work well. Rollups on top of rollups, where the two layers of rollups use the same technology, certainly do not.”One of the use cases for layer-3 protocols, according to Buterin, is “customized functionality” — aimed at privacy-based applications which would utilize zk proofs to submit privacy-preserving transactions to layer 2.
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Axie Infinity's Discord bot compromised, hackers issue fake minting message
Axie Infinity, the popular play-to-earn nonfungible token game, faced another attack on its Discord server earlier on Wednesday, leading to a compromise of its MEE6 bot.MEE6 is a popular discord bot mainly used for automating roles and messages and is used by numerous crypto projects. The attackers used the compromised bot to add permissions to a fake Jiho account, and later issued a fake announcement regarding a mint.The developers managed to remove the compromised MEE6 bot from the main server and deleted the fake messages as well. However, the official Twitter account of the project warned that many users might still see the fake message until they restart their Discord.2/ The announcements have been deleted but some users may still see the message until they restart their Discord.We have removed the Mee6 bot from the server and will never do a surprise mint.— Axie Infinity (@AxieInfinity) May 18, 2022The developers also claimed that the compromise of MEE6 is not a new phenomenon and many projects have faced similar issues. However, the official MEE6 Discord support channel denied allegations of a hack and claimed they have verified with their engineers and didn’t see any unusual activity.MEE6 Official Discord Channel MessageMany believe that the hackers compromised the admin accounts first and then got access to the alternate admin account using MEE6. This helped them to send out webbook messages while hiding the compromised administrator account.Related: The aftermath of Axie Infinity’s $650M Ronin Bridge hackThe Discord bot compromise comes within a month of one of the biggest heists on Axie Infinity’s Ronin bridge resulting in a loss of over $600 million worth of crypto assets. The recent slew of security breaches has brought down the confidence of the community in the game, which was once seen as a revolutionary project for the gaming world.
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Solana developers share 3 key mitigation steps to make the network robust
The Solana network faced its seventh outage on Saturday, resulting in a downtime of over seven hours. The developer team has released an outage report, along with three key mitigation steps to make the network more stable.The network outage on Solana was caused by a significant surge in the number of transactions due to nonfungible token (NFT) minting bots. The bots used Candy Machine, a popular application used by Solana NFT projects to launch collections.The transaction volume reached six million per second, overflowing individual nodes with 100 Gbps data. As a result, validators ran out of data memory, leading to a loss of consensus among them.The developers ruled out distributed denial of service (DDoS) attacks and blamed NFT minting bots for the congestion. The network came online at 3:30 am UTC on Sunday.The official report highlighted three key mitigation steps that are in work to make the Solana network more resilient against such congestion issues. The first major step is to move from its current data transfer protocol called user datagram protocol (UDP) to Google-developed quick UDP internet connection (QUIC). QUIC offers fast asynchronous communication like UDP, but with sessions and flow control like transmission control protocol. The second key step is the integration of stake-weighted transaction processing instead of its current first-come-first-serve basis. The developers claimed a stake-weighted transaction processing along with QUIC would be more robust.The third mitigation step is to introduce “fee-based execution priority,” where users would have the option to add an additional fee on top of the base fee. The fee prioritization is set for the v1.11 release. Related: Solana DAOs can now bug you to vote with phone calls and textsApart from the Solana network outage, an even bigger controversy was the beta cluster restart instructions, reportedly issued by validator operators. The said instructions asked validators to block NFT minting bots manually at the layer-1 layer.Solana Beta Cluster Restart Instructions Souce: TwitterHowever, Solana’s head of communication Austin Federa said that the majority of validators kept their distance from censoring and a new update is being introduced on the Candy Machine with additional anti-bot features.This is factually inaccurate – for starters these instructions weren’t issued by Solana Foundation.Second, very few validators have adopted this. Third, @metaplex is deploying an update to Candy Machine with additional anti-botting.— Austin Federa (@Austin_Federa) May 1, 2022
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$1 million rock NFT sells for a penny in all ore nothing error
It’s a hard rock life for one crypto user. A clumsy keystroke and the actions of a sniper bot caused a million-dollar mistake on March 10. A rock valued at 444 ether (ETH), or $1.2 million, sold for 444 Wei ($0.0012) to a bot as the seller, DinoDealer confused WEI and ETH. In a tweet, the seller said “in one click my entire net worth of ~$1 million dollars, gone.”How’s your week?Mine? I just erroneously listed @etherrock #44 for 444 wei instead of 444 eth♂️Bot sniped it in the same block and trying to flip for 234 ethIn one click my entire net worth of ~$1 million dollars, goneIs there any hope?Am I GMI?Can snipers show mercy? pic.twitter.com/yq9Itb2Ukb— Rock dust (@dino_dealer) March 10, 2022The “bot sniped” refers to bot snipers, which initially came into usage on auction site eBay. Buyers looking to time their bid to the last second would use the tools, however, they are now prolific on NFT listings. The popular freelance website Upwork now lists bot sniping tools for the NFT platform OpenSea from as little as $200. Once the bot snaps up the NFT or digital receipt, there’s no going back. Blockchains are constructed to be immutable so simple mistakes, such as confusing ETH and WEI, can be extremely costly. Indeed, human error abounds in the crypto world. An unfortunate Bitcoin (BTC) user recently lost $10,000 (0.25 BTC) in a mistake that could have been avoided had they double-checked the receiver wallet address. The seller, DinoDealer, seems to have come to terms with the loss, publicly sharing the address of the rock’s bot snipe. They made light of the situation by uploading a new Twitter profile picture and adding a crying emoji after their Twitter handle. Their avatar stands next to the precious rock, crossed out in red.DinoDealer’s new Twitter picture with sad rocks and cancelled rocks in the background. Source: TwitterMore jokes came from DinoDealer’s futile attempt to reach out to the “crypto customer service.” Their attempts to speak to members of the crypto community were met with replies from suspicious users purporting to help, offering email addresses and WhatsApp numbers. Screenshots of the conversations DinoDealer had with “crypto customer service.” Source: TwitterDo not reach out to these numbers or email addresses. The past month has been tumultuous for seemingly minor errors with potentially dire consequences. In some cases, a simple mistake can wipe millions of dollars of market value increasingly common.Related: Rare Bears Discord phishing attack nabs $800K in NFTsA Coinbase white hacker discovered a mistake in the Coinbase Pro code which could have nuked the market, while frantic bot trading behaviors drained the WTF token launch of 58 ETH. “Poor liquidity pool management” left the launch exposed.In better days for DinoDealer, other crypto rock enthusiasts have come to his aid, one user sending the geologist salesman a picture of the rock with glasses and headphones, signed “mfer rocks.” Rock bottom consolation for one million dollars. Source: Etherscan
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Hodl, don’t trade, says the AI Bitcoin trading bot
“Hodling” really is the way when it comes to accumulating Bitcoin (BTC). At least, that’s the conclusion made by an artificial intelligence (AI) trading bot coded up by a Portuguese software developer.Bitcoiner Tiago Vasconcelos is the man behind the trading experiment. Vasconcelos built an AI trading bot that would help him accumulate more Bitcoin and test his coding skills. Almost inconceivably, instead of trading, the bot quickly concluded that the best way to trade Bitcoin is to buy and hold onto it.Vasconcelos is the lead founder of Aceita Bitcoin, a Portuguese organization promoting the adoption, education and sharing of information about Bitcoin. A keen Bitcoiner, he also dabbles in Bitcoin-related side projects.He told Cointelegraph, “It was a reinforcement learning AI experiment, where I went and got a truckload of historical data from BTC/USDT.” The code sourced and scraped the daily price action from 2014 to 2021.Vasconcelos then “trained it, or told him [the bot] the rules, here are the candles, you can either buy, sell, or do nothing.”For every profitable trade, the bot would be rewarded with one point. The bot loses one point as a “punishment” for lost trades. Finally, a reward is granted to the bot for the total amount of Bitcoin the bot finishes with:“The goal is for the bot to get the highest score possible and the exercise is that he makes thousands/millions of tries on that set of data, making a ‘mental’ path of when is best to buy, best to sell, etc.”Screenshots of the “figuring out that less trades work best!”The beauty of AI is that the bot begins to observe “patterns” and what Vasconcelos describes as “moves” that the bot makes to maximize its trading score. “Eventually, the bot concludes the best move is to buy as soon as possible and never sell!”There you have it, now it’s not just popular talking heads and even banks in the Bitcoin space that are crying “Hodl.” Even the robots are hodlers.Related: Bitcoin inactive supply nears record as over 60% of BTC stays unspent for at least 1 yearHodl is a popular meme in the Bitcoin space, originating from a Bitcointalk forum post in 2013 by an inebriated contributor who misspelled hold. The reason why the original commenter, GameKyuubi decided to hodl is “because I’m a bad trader and I KNOW I’M A BAD TRADER.” Turns out, he might have been just as smart as artificial intelligence all along.
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Trader builds Bitcoin 'buy the dip' bot, outperforms DCA
While a bullish backdrop emerges in February, spare a thought for the traders trying to time the market. One savvy trader by the name of Samjhill on Reddit has built a trading tool that outperforms dollar-cost-averaging (DCA) for buying Bitcoin (BTC). DCA is the strategy in which investors buy a small amount regularly regardless of price fluctuations. It works in contrast to traders keen to get the lowest entry, timing the dip to perfection and avoiding “catching a falling knife.”The aptly named “Buy the Dip Bot” aims to “get the best price for a given asset by using a limit strategy.” Inspired by another Redditor who suggested a manual limit-buy-order strategy for getting the best price entry, Sam took the idea one step further, coding up a dip buying bot.The bot places limit orders at several intervals below the current price and if an order gets executed or canceled, it starts again. Using tech from AWS, Python, Lambda, DynamoDB and React.JS while hosted on Github, the cost to run is low, “about $5 per month.”While the bot has been beavering away since December, it hit a maiden milestone yesterday. Reaching profitability versus regular dollar-cost averaging, “the price-per-coin advantage is about (cheaper) 5-10% right now, which you could also think of as getting that much more coin for your money,” Sam told Cointelegraph.The bot runs a backtesting library to work out the best entry points for the limit buys. A complex process, the work paid off, culminated in a “winning strategy.”Related: TokenBot helps crypto traders build social communities and monetize market knowledgeWhen asked by Cointelegraph if he would recommend the bot as opposed to regular DCA, Sam replied it depends on where you are in your BTC journey:“For people just starting out, regular DCA probably makes more sense, since your goal is probably to stack as many coins as possible. For those later in their journey, they might have a decent stack already and want to minimize increasing their cost basis, and so might benefit more from this.”Sam, who first learned of Bitcoin around 2013, added that he is doing both DCA and the limit strategy “to get a more even curve of coin growth.”While the future is currently Bitcoin orange for the trading bot, Sam built the system for easy integration with other coins. Ethereum (ETH) features on the Github page, and Sam hints he may roll out other coins to production.
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Strategies for trading cryptocurrency during a correction, explained
A correction refers to a rapid price decrease, which traders can use to their advantage with the assistance of cryptocurrency trading bots. Although the definition for a correction differs, it is most often used to describe a rapid decrease in an asset’s price, usually at least 10% and up to 20%. If an asset falls more than that, the price dip is classified as a market crash. Corrections are often the result of a minor event, such as low trading volumes or other technical factors. They, therefore, occur fairly regularly, lasting a few days, weeks and, in some cases, months. The term correction is then used since the price will often return to its expected value. However, the alternative may also be true. A correction may lead to a larger decline, a bear market. As most know, the cryptocurrency market is defined by its volatility, making it normal for prices to move up and down fairly regularly. Looking at the 2021 year alone, the cryptocurrency market was subject to four market corrections and another market event. For this reason, analysts will also recommend market corrections as a great opportunity for investors to buy assets “on sale.” The main concern here is that it can be hard to determine when a correction might occur. For this reason, crypto trading bots can play a crucial role in helping traders determine when to buy and sell using signals and indicators and also just not to miss that moment while being away from the screen.
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