Crypto Twitter user FatManTerra explained the fake investment scheme was used to teach people who blindly invest in cryptocurrencies promoted by influencers a lesson.
Crypto influencer FatManTerra claims to have raised over $100,000 worth of Bitcoin (BTC) from crypto investors in an investment scheme that later turned out to be fake.
The crypto researcher said he created the fake investment scheme as an experiment and to teach people a lesson about blindly following the investment advice of influencers.
The account has about 101,100 followers on Twitter and is best known as a former supporter of Terra, which is now staunchly opposed to the project and founder Do Kwon following its $40 billion collapse in May.
In a Sept. 5 tweet, FatManTerra told his followers he had “received access to a high-yield BTC farm” from an anonymous fund, and said that people could message him if they wanted in on the yield farming opportunity.
Although the post received a lot of negative feedback from people calling it a scam, FatMan said he still managed to raise more than $100,000 worth of BTC from the initial post on Twitter and on Discord within a span of two hours.
In September 6 tweets revealed that FatManTerra’s investment scheme was fake all along, describing it as an “information campaign” to show how easy it is to
In a Sept. 6 tweet, FatManTerra revealed the investment scheme was fake all along, describing it as an “awareness campaign” to show how easy it is to deceive people with promises of huge profits using simple words in cryptocurrency.
FatManTerra claims to have issued a full refund and confirmed that “free lunches don’t exist.”
The concept of influencers allegedly promoting scams has been in the news of late, with YouTuber Ben Armstrong (BitBoy Crypto) last month suing content creator Atozy for accusing him of promoting questionable tokens to his viewers, though he later sued to get it back.
FatManTerra also claimed that his fake fund post was inspired by the Lady of Crypto Twitter account which has been accused of shilling questionable investment schemes to its 257,500 followers.
September On the 5th, Mrs. Crypto funds on her behalf and earns 80/20 profit.
On Sept. 5, the Lady of Crypto whitelisted her new financial trading company that can trade users’ funds on their behalf and received an 80/20 split on the profits.
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