Big threat to Crypto as Cyberattacks are directed at SMART CONTRACTS!

DarkReading.com reported that “While exploitation of security flaws in many smart contracts have become a perennial target of cyberattackers, more security firms are shining a spotlight on scams that use fraudulent or obfuscated smart contracts as a way to siphon off funds from cryptocurrency accounts.”  The August 8, 2025 article entitled " Attackers Target the Foundations of Crypto: Smart Contracts” (https://www.darkreading.com/cyber-risk/attackers-target-crypto-smart-contracts) included these comments:

In the latest notable attack, one scammer stole more than $900,000 from victims looking to make money off of trading arbitrage by hiding transfer details in a smart contract, obfuscating it from non-tech-savvy users, according to an analysis published this week by cybersecurity firm SentinelOne. The schemes — usually touted in YouTube videos or other tutorials — promise to help users create automated bots to get maximal extractable value (MEV) from minor differences in cryptocurrency prices, but in reality, they transfer victims' cryptocurrency to other accounts, draining their funds.

Central to the attack is a malicious smart contract, written in the Solidity programming language, with obfuscated functionality that transfers stolen funds to a hidden externally owned account (EOA), says Alex Delamotte, the senior threat researcher with SentinelOne who wrote the analysis.

"The videos walk through how someone can deploy this smart contract, which the video provides a link to — usually a Pastebin or other Pastebin-like site — where the malicious smart contract code is posted," she says. "People are discovering [these tutorial] pages, and they see this crypto arbitrage bot that can make them all kinds of money per day. They deploy the contract, and then get their money stolen."

Is anyone surprised?