Ponzi scheme generates $100,000 in crypto through awareness
Crypto-assets provide higher profits than traditional investments, but with proper investment plans and actions. It is one of the areas where an investor can achieve over 100% gains with less stress despite the high volatility of tokens.
More people are taking any opportunity they see to plunge in their money and their money. Unfortunately, in most cases they fail to conduct intensive research on the products or cryptocurrencies they jump into. This has given the bad actors more leverage to scam and carry out racketeering activities.
Recently, a fake Ponzi scheme raised over $100,000 in crypto tokens. The scheme achieved this feat in just a few hours. according to reportfamed crypto influencer FatManTerra created the fake scheme.
The influencer, a notable member of the community, revealed via Twitter his intention to raise money through the fraudulent act.
Desperation for profit makes crypto fraud easy
From the influencer’s original tweet, FatManTerra posted about accessing a high yield BTC farm on a private trading basis. He mentioned that the farm operates through an upcoming fund that he has benefited from.
Therefore, he reveals the opportunity for others to participate, especially victims of UST. He adds that interested investors should DM him for details on the investment. The influencer noted that he has received several messages from people asking for his help and details.
FatManTerra reported that just two hours after his post, he received over a hundred DMs. From the responses, he collected some BTC tokens as investments of over $100,000. During a break in 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 several inquiries from several interested investors. According to FatManTerra, people make crypto scams relatively easy.
The Ponzi scheme is intended to create more awareness
In his tweet about the process, FatManTerra confirmed that it is a fake scheme. But he stated that his actions were deliberate to raise awareness. In addition, the influencer admitted that he intentionally used a lot of buzzwords to mix up his strategy.
He made some convincing posts on various platforms while hiding the investment details. This included him not mentioning the fund’s name or describing the trading process. He noted that although no one could pinpoint the source of the returns, there are still people willing to invest.
He also reported that he had already refunded all the people who sent their money. He used the funds to inform the public that there is no risk-free high return anywhere. But some replies to his tweet suggest he actually meant to scam, but later retracted.
Featured image from UnSplash, chart from TradingView.com
