Crypto assets provide higher profits than traditional investments but with proper investment plans and actions. It is one of the areas where an investor could make over 100% gains with less stress despite the high volatility of the tokens.
More people are taking up every opportunity they see to plunge in their funds and money. Unfortunately, in most cases, they fail to conduct intensive research on the products or crypto coins they are jumping into. This has given the bad actors more leverage to scam and carry out rug pull activities.
Recently, a fake Ponzi scheme raised over $100,000 worth of crypto tokens. The scheme achieved this feat in just a few hours. According to the report, the famous crypto influencer FatManTerra created the fake scheme.
The influencer, a notable community member, disclosed via Twitter his intention to raise funds through the scammy act.
Desperation For Profits Make Crypto Scams Easy
From the influencer’s original tweet, FatManTerra posted about getting access to a high-yield BTC farm on a private trading basis. He mentioned that the farm operates through an upcoming fund from which he has benefited.
Hence, he is disclosing the opportunity for others to partake, especially victims of UST. He adds that interested investors should send DM to him for details of the investment. The influencer noted that he has been receiving several messages from people requesting his assistance and details.
FatManTerra reported that in just two hours after his post, he got over a hundred DMs. From the responses, he gathered some BTC tokens as investments of over $100,000. In a break of the funds, the influencer noted that 3.45% of the BTC tokens came from Twitter, and 2 BTC came from Discord.
He revealed that he is still receiving more requests from more interested investors. According to FatManTerra, people are making crypto scamming to be relatively easy.
Ponzi Scheme Intended To Create More Awareness
In his tweet on the process, FatManTerra confirmed that it is a fake scheme. But he stated that his actions were deliberate in raising more awareness. Additionally, the influencer confessed that he intentionally used many buzzwords to compound his strategy.
He made some convincing posts on different platforms while concealing the investment details. This included him not mentioning the fund’s name or describing the trading process. He noted that while no one could point out the source of the yield, there are still people willing to invest.
Also, he reported that he had already refunded all the people that sent their funds. He used the means to advise the public that there’s no risk-free high yield anywhere. But some responses to his tweet are touting him that he really meant to scam but later backed out.
Featured image from UnSplash, chart from TradingView.com