The cryptocurrency influencer FatManTerra claims to have raised over $100,000 worth of bitcoin (BTC) from crypto investors in an investment scheme that was later revealed to be fake.
The crypto researcher said that He created the fake investment scheme as an experiment and to teach people a lesson about blindly following influencers’ investment advice.
The Twitter account has around 101,100 followers and is primarily known for being a longtime supporter of Terra who is now actively speaking out against the project. and founder Do Kwon following his $40 billion crash in May.
In a Monday tweet, FatManTerra told his followers that he had “been given access to a high yield BTC farm” by an unidentified fund, and said that people could message him if they wanted to participate in the yield farming opportunity.
“I’ve exhausted what I could so there’s some allowance left over and thought I’d pass it on. Priority will be given to UST victims. If interested text me for details,” he wrote.
Although the post He received lots of negative responses from people calling it a scam, FatMan said that he still managed to raise over $100,000 worth of BTC since the initial post on Twitter and on Discord within a span of two hours.
In a Tuesday tweet, FatManTerra revealed that the investment scheme was always fake, describing it as an “awareness campaign” to show how easy it is to fool people in the crypto space by using simple buzzwords and promising huge investment returns:
“Although I used many buzzwords and put on a very convincing performance on all platforms, I made sure to keep the details of the investment intentionally hidden – I did not name the fund or describe the operation; no one knew where the performance came from. But people kept investing.”
“I want to send a clear and strong message to everyone in the cryptocurrency space: anyone who offers to give you free money is lying. It just doesn’t exist. If your favorite influencer sells you quick cash with coaching or offers you a golden investment opportunity, they’re scamming you,” she added.
It is far too easy to scam people in crypto.
And this needs to change.
If you don’t understand where the yield is coming from, you are the yield.
Listen carefully to the vocal critics of any project or investment before getting involved. *Really* listen.
— FatMan (@FatManTerra) September 5, 2022
It is all too easy to scam people in the cryptocurrency space. And this has to change. If you don’t understand where the performance comes from, you are the performance. Listen carefully to critics of any project or investment before you get involved. *Really* listen.
FatManTerra claims to have already returned all the money and reiterates that “free lunches do not exist.”
The notion of influencers allegedly promoting scams has been in the news lately; YouTuber Ben Armstrong (BitBoy Crypto) took legal action against content creator Atozy last month for accusing him of promoting dubious tokens to his audiences. However, he has since withdrawn the claim.
FatManTerra also stated that his fake funds post was inspired by the Lady of Crypto Twitter account.which has been accused of promoting questionable investment schemes to his 257,500 followers.
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