{"id":35228,"date":"2022-09-06T00:52:26","date_gmt":"2022-09-06T04:52:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=35228"},"modified":"2022-09-06T00:52:29","modified_gmt":"2022-09-06T04:52:29","slug":"fake-ponzi-scheme-created-for-research-raises-100k-in-hours","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/fake-ponzi-scheme-created-for-research-raises-100k-in-hours\/","title":{"rendered":"Fake Ponzi Scheme created for research raises $100K in hours"},"content":{"rendered":"\n
Crypto influencer<\/a> FatManTerra in a bid to teach people lessons about investing blindly in crypto schemes promoted by influencers has amassed over $100,000 in Bitcoin (BTC) using a fake Ponzi scheme scam.<\/h5>\n\n\n\n
\"Fake
Fake Ponzi Scheme created for research raises $100K in hours<\/figcaption><\/figure>\n\n\n\n

The cryptocurrency researcher claimed he designed the Ponzi scheme investment plan as a test and as a warning against mindlessly taking influencers' financial advice.<\/p>\n\n\n\n

The Twitter account, which has about 101,100 followers, is best known for being a previous supporter of Terra who now publicly criticizes the project and its creator Do Kwon in the wake of its $40 billion collapse in May.<\/p>\n\n\n\n

In a tweet on September 5, FatManTerra informed his followers that an unnamed fund had given him “access to a high-return BTC farm” and invited them to write him if they were interested in participating in the yield farming \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>opportunity.<\/p>\n\n\n\n

“I've used the maximum amount of the available allocation, therefore there is some left over, so I thought I'd pass it forward; preference will be given to UST victims. If interested, DM for additional information,” he wrote.<\/p>\n\n\n\n

Even though the post garnered a lot of criticism for being a hoax, according to FatMan, he still managed to raise more than $100,000 worth of BTC in just two hours after the initial post on Twitter and Discord.<\/p>\n\n\n\n

FatManTerra disclosed the investment scheme was a hoax in a tweet on September 6, calling it an “awareness campaign” to highlight how simple phrases and lofty investment <\/a>returns may be used to deceive people into investing in cryptocurrency.<\/p>\n\n\n\n

\u201cWhile 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 \u2014 I didn't name the fund & I didn't describe the trade \u2014 no one knew where the yield was coming from. But people still invested.\u201d<\/p><\/blockquote>\n\n\n\n

“I want to convey a strong, unambiguous message to everyone in the cryptocurrency community: anyone who claims to be able to provide you free money is lying. It's just not there. Your preferred influencer is defrauding you if they offer you quick money trading guidance or a lucrative investment opportunity.<\/p>\n\n\n\n

\n

We live in unfortunate times – brazen (and doxed!) grifters like Do Kwon roam free scamming people constantly. 99% of crypto projects are scams designed to enrich their founders. And, bless their hearts, crypto bros are far too gullible & trusting for their own good.<\/p>— FatMan (@FatManTerra) September 5, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Reiterating that “free meals don't exist,” FatManTerra claims to have now returned all of the money.<\/p>\n\n\n\n

The idea of influencers supposedly advocating fraud has recently made headlines. YouTuber <\/a>Ben Armstrong (BitBoy Crypto) sued content creator Atozy last month after accusing him of endorsing questionable tokens to his fans, but he has since dropped the case.<\/p>\n\n\n\n

FatManTerra also claimed that the Lady of Crypto Twitter account, which has been charged with promoting dubious investment schemes to its 257,500 followers, served as an inspiration for his tweet on a false fund.<\/p>\n\n\n\n

On September 5, the Lady of Crypto<\/a> opened up a whitelist for their brand-new trading company, which boasts that it can trade customers' money on their behalf and divide earnings 80\/20.<\/p>\n","protected":false},"excerpt":{"rendered":"

Crypto influencer FatManTerra in a bid to teach people lessons about investing blindly in crypto schemes promoted by influencers has amassed over $100,000 in Bitcoin (BTC) using a fake Ponzi scheme scam. The cryptocurrency researcher claimed he designed the Ponzi scheme investment plan as a test and as a warning against mindlessly taking influencers’ financial […]<\/p>\n","protected":false},"author":12,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[2149,4201,8331],"class_list":["post-35228","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto-influencer","tag-ponzi-scheme","tag-research"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35228","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=35228"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/35228\/revisions"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=35228"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=35228"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=35228"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}