Crypto Researcher Raises $100K Via Fake Ponzi Scheme In Hours

FatManTerra, a crypto influencer, claims that he was able to accumulate Bitcoin worth $100,000 from crypto investors through an investment scheme that later turned out to be fake.

An experiment

According to the crypto researcher, he had come up with the fake investment scheme as part of an experiment.

He also said that he had wanted to teach people a lesson about following the investment advice given by influencers blindly.

With around 101,100 followers on Twitter, the account is mostly recognized as a former proponent of the Terra blockchain.

The account now actively speaks against the founder of the Terra project Do Kwon and the project itself after it imploded in May and wiped out $40 billion from the market.

FatManTerra tweeted on Monday that an unnamed fund had given him access to a BTC farm that gave high yields.

He had told his followers that they could get in touch with him if they wanted to benefit from the yield farming opportunity.

He had written that he had maxed out what was possible and as there was some allocation left over, he was willing to pass it along.

He stated that he would give priority to victims of UST and asked people to get in touch with him.

Fake scheme

There were a lot of negative responses to his post that called it out as a scam, but FatMan said that he was stable able to raise BTC worth $100,000 through his post on Twitter and on Discord in just two hours.

On Tuesday, FatManTerra tweeted that the investment scheme had been fake from the beginning and he referred to it as an ‘awareness campaign’.

He said his goal was to show people just how it is to fool anyone in crypto simply by using some buzzwords and making promises of high returns.

He stated that he had used lots of buzzwords and had tried to be convincing on all platforms, but had kept the details of the investment obscure deliberately.

He asserted that he had not mentioned the name of the fund, or provided details about the trade. People had had no idea how the yield would be generated, yet they had gone on to invest.

The lesson

FatManTerra said that he wanted to make it clear to all those who are part of the crypto world that there is no such thing as free money and those offering it to you are liars.

He said that even if it is your favorite influencer promising you a great investment opportunity, or offering to coach or teach you, it is nothing more than a scam.

According to him, he has returned all the money he accumulated. FatManTerra said that the Twitter account called Lady of Crypto had inspired his post about a fake scheme.

The account has been accused of promoting questionable investment schemes to its followers, which are around 257,500.

The concept of using influencers’ names for promoting scams in the crypto space has become quite common these days.