News By  Kateryna Salnichenko
Newbie 1465 14 Sept 2022
Newbie

Crypto scam for the sake of good: FatMan Terra fake scheme blew up social media

Photo - Crypto scam for the sake of good: FatMan Terra fake scheme blew up social media

While financial regulators in various countries struggle to protect investors, they continue to invest gullibly even in no-name projects. The recent experiment of crypto researcher FatMan Terra is an eloquent demonstration.

FatMan Terra is a well-known analyst and whistleblower in the crypto sphere. He has previously been involved in high-profile topics such as the Mirror exploit, DOCK manipulation, and Do Kwon’s withdrawal of funds before Terra’s collapse. In the early autumn, he demonstrated that investor gullibility was not just a fear of financial regulators but a harsh reality.

On September 5, FatMan published a post on his Twitter account where he told his followers about a promising investment scheme. At the same time, he did not specify any details about the deal, limiting himself to streamlined phrases about “a high-yield BTC-farm” and “up-and-coming fund”.

 Source: Twitter

Source: Twitter

Despite the questionable terms, FatMan received over a hundred personal messages in just a couple of hours and raised over $100,000 through Twitter and Discord. 

 Source: Twitter

Source: Twitter

After evaluating the active response, the influencer stopped the “educational” crypto scam and switched to the main phase – the investors’ work on the mistakes. According to FatMan, he intentionally hid any details of the investment scheme, but that didn’t stop people. It was enough for them to communicate with an expert on social networks to entrust their money to an unknown fund.

Crypto researcher insists that there is no free money in the modern world. Any training on gaining quick profits from influencers is most likely a scam. FatMan called 99% of cryptocurrency projects a fraud, which involves enriching the creators at the expense of naive investors.

Terra insider is convinced that it is necessary to fight the current situation and advises to be sure to listen to the critics of any projects first.

 Source: Twitter

Source: Twitter

FatMan returned all funds received during the short crypto scam. However, even after the disclosure and arguments about investors’ gullibility, some users continued to transfer money to him. 

 Source: Twitter

Source: Twitter