Crypto assets generate higher profits than traditional investments, but with proper investment plans and actions. This is one of the areas where an investor could achieve more than 100% gains with less stress despite the high volatility of the tokens.
More and more people are taking every opportunity they see to dive into their funds and money. Unfortunately, in most cases, they fail to conduct intensive research on the products or cryptocurrencies they are getting into. This gave bad actors more clout to scam and carry out rug-pulling activities.
Recently, a fake Ponzi scheme raised over $100,000 worth of crypto tokens. The program achieved this feat in just a few hours. According to reportfamous crypto influencer FatManTerra created the fake scheme.
The influencer, a notable community member, revealed via Twitter his intention to raise funds through the scam act.
Desperation for Profits Makes Crypto Scams Easy
From the influencer’s original tweet, FatManTerra posted about accessing a high yielding BTC farm on a private trading basis. He mentioned that the farm operates thanks to an upcoming fund that he benefited from.
Therefore, it reveals the possibility for others to participate, especially UST victims. He adds that interested investors should DM him for investment details. The influencer noted that he received several messages from people asking for his help and details.
FatManTerra reported that in just two hours after posting, he received over a hundred DMs. From the responses, he gathered BTC tokens as investments over $100,000. In a background break, the influencer noted that 3.45% of BTC tokens came from Twitter, and 2 BTC came from Discord.
He revealed that he always receives more requests from more interested investors. According to FatManTerra, people make crypto scam relatively easy.
Ponzi scheme intended to create more awareness
In his tweet about the process, FatManTerra confirmed that this is a bogus scheme. But he said his actions were deliberate to raise awareness. Moreover, the influencer confessed to intentionally using a lot of buzzwords to escalate his strategy.
He posted compelling messages on different platforms while hiding the details of the investment. This included that it does not mention the name of the fund or describe the trading process. He noted that while no one could point to the source of the return, there were still people willing to invest.
Additionally, he reported that he has already refunded everyone who sent their funds. He used the means to inform the public that there is no risk-free high yield anywhere. But some replies to his tweet boast that he really wanted to scam but then backed off.
Featured image from UnSplash, chart from TradingView.com