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The Grand Ponzi Scheme
Bitcoin (BTC) investors allegedly sent cryptocurrency advocate FatManTerra over $100,000 in a bogus investment scheme. The cryptocurrency researcher claimed he designed the fictitious investment plan as a test and as a warning against mindlessly taking influencers’ financial advice.
The Twitter user, who once backed Terra but now openly attacks the project and Do Kwon after its $40 billion collapse in May, is most known for having roughly 101,100 followers. In a tweet on September 5, FatManTerra informed his followers that an unidentified fund had given him access to a high-return BTC farm and invited them to write him if they wanted to take advantage of the yield farming possibility.
Convincing Performance Across all Platforms
He has used the maximum amount of the available allotment, therefore there is some left over, so he thought he’d pass it forward, preference will be given to UST victims. FatMan claims that despite the post receiving a lot of backlash for being a hoax, he still managed to amass more than $100,000 worth of BTC in just two hours following the first post on Twitter and on Discord.
FatManTerra disclosed the investment plan was a hoax in a tweet on September 6, calling it an awareness campaign to highlight how simple phrases and lofty investment returns may be used to deceive people into investing in cryptocurrency. While he employed many buzzwords and put on a very convincing performance across all platforms, he made care to keep the investment specifics deliberately ambiguous – he didn’t name the fund & he didn’t disclose the trade — no one was aware of the source of the yield.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
