Is it viable then to develop my own program and assemble a team in order to scout for opportunities on all the exchange sites, as a hand-developed bot would be legit? And since the concept of arb is legit it should work out overall.
the time and money that it costs to build something like that is not worth it in my opinion. i have done it myself a couple of years ago and kept the bot running for a moderately long time and i have to say the profit was not large enough to make it worthwhile specially since there is a big risk involved that has led to some losses during this strategy that eats through the small profit.