Crypto influencer scams followers as lesson

Crypto influencer FatManTerra has once again stressed how important it is for consumers to be aware of fraudulent Ponzi schemes.

The known crypto personality said that he was able to elicit $100,000 worth of Bitcoin from investors only to reveal later on that the project was a quickly-setup scam setup to make a quick buck.

FatManTerra, who was once a supporter of the Terra Project, but now frequently criticizes its collapse and founder Do Kwon, shared that he wanted people to see how easy it is to become a victim of crypto fraud scam.

FatManTerra did receive a lot of bad feedback for his actions, but he stressed that the fact he could raise $100,000 in two hours was already very worrying for the way people invest in cryptocurrencies.

“While I used plenty of buzzwords and put on a very convincing act on all platforms, I made sure to keep the investment details intentionally obscure — I didn’t name the fund and I didn’t describe the trade — no one knew where the yield was coming from. But people still invested”, he said.

Then, he drove home the message – “anyone who promises you free money in the cryptocurrency world is lying”.

He warned that people should not trust influencers who are tricking them into investing either, because they are simply being scammed. Besides, it’s not unlikely for an influencer to be hacked.

Even though this did not appease all critics, FatMan confirmed that he had returned all the money and tersely reminded followers to not foolishly follow for the idea of “free lunches”.

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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