Quote from: Bountyfox on October 19, 2023, 11:40:33 PM

For those who've been in the crypto space for a while, it's no surprise that Bitcoin has been a mainstay since the early days, often subject to various arbitrage schemes. However, it's crucial to shed light on this issue, especially for newcomers who might be unfamiliar with the risks involved.

I decided to investigate after seeing a promotion on a platform "X," and upon visiting the website ( https://ethereum-arbitrages.com/ ), it claimed that Ethereum could generate a staggering 20% ROI within 24 hours through arbitrage. Additionally, they suggested that ETH2 would facilitate smart contracts ( https://ethereum-arbitrages.com/code ) to interact with a bot for automated gains. Unfortunately, the reality isn't as rosy as painted.

Disturbingly, individuals who attempted this approach previously warned of a potential smart contract backdoor, though they've since deleted their messages. What's more concerning is that this dubious information is actively being disseminated via Telegram.

I implore anyone who comes across this to stay far away from such scams, as they pose a significant threat to the investments of many. In a space as exciting as cryptocurrency, safety and due diligence are paramount to protect your assets and financial future.
And it's important to note that this isn't an isolated case. Unfortunately, there are many more similar schemes and scams lurking in the crypto sphere. While cryptocurrency offers immense potential, it also attracts its fair share of bad actors looking to exploit the uninformed.

As the age old saying goes, if it sounds too good to be true it most likely is. Still good that you bring attention to this.
A few years ago there were different type of arbitrage scams. A few exchanges had several markets where they listed coins for a much higher or lower price. This created a situation where people tried to arbitrage but when they deposited they lost all their money as the exchange never allowed anyone to withdraw. That was pretty damn nasty