Ponzi Scheme Generates $100K In Crypto

Crypto assets offer higher returns than traditional investments, but only with proper investment strategies and actions. Despite the high volatility of the tokens, it is one of the areas where an investor could make over 100% gains with less stress.

More people are seizing every opportunity to invest their funds and money. Unfortunately, in most cases, they fail to conduct thorough research on the products or crypto coins into which they are investing. This has given the bad actors more leverage to scam and pull rug pulls.

A phoney Ponzi scheme recently raised over $100,000 in crypto tokens. This feat was accomplished in a matter of hours. According to the report, the fake was created by the well-known crypto influencer FatManTerra.

The influencer, a well-known community member, announced his intention to raise funds through the deceptive act on Twitter.

The desperation to Make a Fortune  Make Crypto Scams Simple

FatManTerra's original tweet mentioned gaining access to a high-yield BTC farm on a private trading basis. He stated that the farm is run by an upcoming fund from which he has benefited.

As a result, he is revealing the opportunity for others to participate, particularly UST victims. He adds that interested investors should send him DM for more information on the investment. The influencer stated that he received several messages requesting his help and information.

FatManTerra reported that he received over a hundred DMs in just two hours after posting. He gathered some BTC tokens as investments totalling more than $100,000 from the responses. The influencer noted that 3.45% of the BTC tokens came from Twitter, and 2 BTC came from Discord in a breakdown of the funds.

A Ponzi Scheme Intended To Raise Awareness

FatManTerra confirmed the scam in his tweet about the process. However, he stated that his actions were deliberate in order to raise more awareness. Furthermore, the influencer admitted that he purposefully used a lot of buzzwords to complicate his strategy.

He made some convincing posts on various platforms while keeping the investment details hidden. He did not mention the fund's name or describe the trading process. While no one could pinpoint the source of the yield, he noted that there are still people willing to invest.

He also stated that he had already refunded all of the people who had sent money to him. He used the means to inform the public that there is no such thing as a risk-free high yield anywhere. However, some of the responses to his tweet claim that he did intend to scam but later backed out.