Crypto-influencer FatManTerra claims to have raised over $100,000 in Bitcoin (BTC) from crypto investors in an investment scheme that was later revealed to be fake.
The cryptocurrency researcher said he created the fake investment scheme as an experiment and to teach people a lesson about blindly following investment advice from influencers.
The account on Twitter has about 101,100 followers and is mostly known for being a former supporter of Terra who is now speaking out actively against the project and its founder Do Kwon after its $40 billion collapse in May.
In a tweet on Monday, FatManTerra told his followers that he had been “gained access to a high-yield BTC farm” by an unnamed fund, and said people could message him if they wanted to get a chance to grow the crop.
“I’ve maxed out what I can do, so there is some allocation left and I think I will pass it on – priority will be given to ground tank victims. The DM wrote for more details if interested.”
While the post received a lot of negative responses from people calling it a scam, FatMan said he was still able to collect more than $100,000 in BTC from the initial post on Twitter and on Discord within two hours.
In a tweet on Tuesday, FatManTerra revealed that the investment scheme was fake all along, calling it an “awareness campaign” to show how easy it is to trick people into cryptocurrency with simple buzzwords and the promise of big investment returns:
“Although I used a lot of buzzwords and did very convincing work on all platforms, I made sure to intentionally keep the investment details vague – I didn’t name the fund nor describe the trade – no one knew where the return was coming from. But people still invested “.
“I want to send a clear and strong message to everyone in the crypto world – anyone offering you free money is lying. They simply don’t exist. Your favorite influencer that sells you fast for money trading training or offers a golden investment opportunity is cheating you.”
FatManTerra claims to have now refunded all the money and confirmed that “free lunches don’t exist”.
The idea of influencers allegedly promoting scams has been in the news recently, with YouTuber Ben Armstrong (BitBoy Crypto) taking legal action against creator Atozy last month for accusing him of promoting questionable codes to his fans. However, he has since withdrawn the lawsuit.
Related: Do Kwon’s Breaking the Silence sparks responses from the community
FatManTerra also stated that his fake funding post was inspired by the Lady of Crypto Twitter account, which has been accused of being paralyzed by questionable investment plans for his 257,500 followers.