Crypto influencer FatManTerra claims to have collected over $100,000 in Bitcoin (BTC) from crypto investors in an investment scheme that was later revealed to be fake.
The cryptocurrency researcher said he created the fake investment scheme as an experiment and to teach people a lesson about blindly following investment advice from influencers.
The account on Twitter has about 101,100 followers and is mostly known for being a former supporter of Terra who is now speaking out actively against the project and its founder Do Kwon after its $40 billion collapse in May.
In a tweet dated September 5, FatManTerra told his followers that he was “gained access to a high yield BTC farm” by an unnamed fund, and said that people can message him if they want to get a chance to grow a yield.
“I’ve gone over the maximum I can do, so there’s some allowance left and thought I’d pass it on – priority will be given to ground tank victims. The DM wrote for more details if interested.”
While the post received a ton of negatives responses Of the people calling it a scam, FatMan said he was still able to collect over $100,000 in BTC from the initial post on Twitter and on Discord within two hours.
In a tweet dated September 6, FatManTerra revealed that the investment scheme was fake all along, calling it an “awareness campaign” to show how easy it is to trick people into crypto with simple buzzwords and the promise of big investment returns.
“Although I used a lot of buzzwords and did very convincing work on all platforms, I made sure to intentionally keep the investment details vague – I didn’t name the fund nor describe the trade – no one knew where the return was coming from. But people still invested “.
“I want to send a clear and strong message to everyone in the crypto world – anyone offering you free money is lying. They simply don’t exist. Your favorite influencer that sells you fast for money trading training or offers a golden investment opportunity is cheating you.”
It is very easy to trick people into cryptocurrency.
This needs to change.
If you don’t understand where the return comes from, you are the return.
Listen carefully to the vociferous critics of any project or investment before getting involved. *really* listen.
– FatMan (FatManTerra) 5 September 2022
FatManTerra claims to have now refunded all the money and confirmed that “free lunches don’t exist”.
The idea of alleged influencers promoting scams has been in the news recently, with YouTuber Ben Armstrong (BitBoy Crypto) taking legal action against creator Atozy last month for accusing him of promoting questionable coins to his fans, though he has since withdrawn the lawsuit.
Related: Breaking the silence Do Kwon provokes responses from the community
FatManTerra also stated that his fake financial post was inspired by the Lady of Crypto Twitter account that was Accused She shillings the questionable investment schemes of her 257,500 followers.
On September 5, the crypto lady opened Set up a whitelist for their new funded trading company promoting the possibility of trading user funds on their behalf and getting an 80/20 split on profits.