Crypto Influencer Starts Phony Investment Scheme To 'Educate' Others, Raises $100K

Crypto influencer FatManTerra announced they have have conned investors out of over $100,000 in Bitcoin BTC/USD through a bogus investment scheme in a matter of two hours.

FatManTerra said the purpose of the bogus investment plan was to experiment and raise awareness in an effort aimed at demonstrating to consumers the dangers of following investing advice from influencers without any prior understanding.

FatManTerra Backed The Terra Blockchain

The crypto influencer was a backer of the Terra blockchain before speaking out against it and its founder Do Kwon after its collapse in May, which erased $40 billion in investor funds.

He is followed by almost 101,100 individuals on Twitter.

After gaining access to a high-yield Bitcoin farm, FatManTerra gave others the chance to take part in the yield farming opportunity in a tweet.

2 Hours Were Needed To Raise $100K Through Bogus Scheme

FatManTerra was nonetheless successful in raising more than $100,000 in Bitcoin through the initial post on Twitter and Discord in a little under two hours, despite the negative comments and claims that he was promoting a scam.

The investment scheme was a complete hoax, according to a second tweet from FatManTerra, who also said its sole purpose was to highlight how easily people can be misled by jargon and investment returns.

No Shortcuts To Success

FatManTerra said he wants to let everyone in the crypto community know that anyone who claims to be able to provide them free money is lying and that influencers who promote golden investment opportunities or rapid money trading guidance are actually fraudsters.

FatManTerra said his attempt with false fundraising was inspired by the Lady of Crypto Twitter account, which has been accused of encouraging shady investment schemes to its 257,000 followers.

On Sept. 5, the Lady of Crypto issued a whitelist for a recently financed training company, stating that it can trade clients' money on their behalf and split profits 80-20.

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