Cryptocurrency

FatManTerra opens fake cryptocurrency investment scheme to educate users

Cryptocurrency influencer FatManTerra has made the claims of gathering over $100,000 worth of Bitcoin (BTC) from cryptocurrency investors in an investment scheme which was later revealed as a false statement, as per Cointelegraph.

On the basis of information by Cointelegraph, FatManTerra stated the reason behind the fake investment scheme as an experiment to teach people about the disadvantages of following investment advice from influencers without any kind of background knowledge. FatManTerra’s Twitter account has close to 101,100 followers, and reportedly has a reputation of being a former Terra proponent that now speaks out against the project and founder Do Kwon after its $40 billion collapse in May. Through a tweet, FatManTerra told his followers about receiving access to a high-yield BTC farm and invited people for the yield-farming opportunity. While the post was received negatively from people calling it a scam, FatManTerra still managed to raise more than $100,000 worth of BTC through the initial post on Twitter and on Discord.

According to Cointelegraph, through an another tweet, FatManTerra revealed that the investment scheme was fake all the way, describing it as an awareness campaign to show people about how they can be tricked by using buzzwords and investment returns. 

“I want to send a message to everyone in the cryptocurrency world — anyone offering to hand you free money is lying. It doesn’t exist. Your favorite influencer selling you quick money trading coaching or offering a golden investment opportunity is scamming you,” FatManTerra said.  

Moreover, Cointelegraph noted that FatManTerra spoke about his fake fund post being inspired from the Lady of Crypto Twitter account which has been accused of shilling questionable investment schemes to its 257,000 followers. On September 5, the Lady of Crypto unveiled a whitelist for their new funded training firm which touts that it can trade users’ funds on their behalf and receive an 80/20 split on the profits.

(With insights from Cointelegraph)

Also Read: Binance to stop USDC, other stablecoins by Sep 29

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