A prominent figure in the crypto space, FatManTerra, collected over $100,000 in Bitcoin (BTC) from crypto investors in a swift investment scheme that turned out to be fraudulent.
The crypto enthusiast revealed that the fake investment plan was a social experiment aimed at highlighting the risks of blindly following investment advice from influencers.
With a Twitter following of approximately 101,100 users, FatManTerra is renowned for his previous support of Terra and his current criticism following the project’s significant decline, along with co-founder Do Kwon, earlier this year.
In a tweet on September 5, FatManTerra shared that he had gained access to a high-yield BTC farm through an undisclosed fund and invited followers to partake in the yield farming venture.
Despite encountering skepticism and accusations of a scam, FatManTerra managed to raise over $100,000 in BTC within two hours through Twitter and Discord interactions.
On September 6, FatManTerra admitted that the investment scheme was indeed fake, referring to it as an “awareness campaign” to demonstrate how easily individuals can be deceived in the crypto world by using buzzwords and promising substantial returns.
“I want to send a clear, strong message to everyone in the crypto world — anyone offering to hand you free money is lying. It simply doesn’t exist. Your favorite influencer selling you quick money trading coaching or offering a golden investment opportunity is scamming you,” FatManTerra emphasized.
The influencer asserted that he has returned all the funds and emphasized that there are no free rides in the crypto space.
This incident comes amid increasing reports of influencers being involved in promoting fraudulent schemes, such as YouTuber Ben Armstrong (BitBoy Crypto) pursuing legal action against content creator Atozy for accusing him of endorsing questionable tokens — a lawsuit that has since been retracted.
FatManTerra cited the Lady of Crypto Twitter account as an inspiration for his fake fund post, highlighting the account’s alleged promotion of dubious investment opportunities to its substantial following.
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