Crypto assets provide higher profits than traditional investments but with proper investment plans and actions. It is one of the areas where an investor could make over 100% gains with less stress despite the high volatility of the tokens.
More people are taking up every opportunity they see to plunge in their funds and money. Unfortunately, in most cases, they fail to conduct intensive research on the products or crypto coins they are jumping into. This has given the bad actors more leverage to scam and carry out rug pull activities.
Recently, a fake Ponzi scheme raised over $100,000 worth of crypto tokens. The scheme achieved this feat in just a few hours. According to the report, the famous crypto influencer FatManTerra created the fake scheme.
The influencer, a notable community member, disclosed via Twitter his intention to raise funds through the scammy act.
Desperation For Profits Make Crypto Scams Easy
From the influencer’s original tweet, FatManTerra posted about getting access to a high-yield BTC farm on a private trading basis. He mentioned that the farm operates through an upcoming fund from which he has benefited.
Hence, he is disclosing the opportunity for others to partake, especially victims of UST. He adds that interested investors should send DM to him for details of the investment. The influencer noted that he has been receiving several messages from people requesting his assistance and details.
FatManTerra reported that in just two hours after his post, he got over a hundred DMs. From the responses, he gathered some BTC tokens as investments of over $100,000. In a break of the funds, the influencer noted that 3.45% of the BTC tokens came from Twitter, and 2 BTC came from Discord.
Bitcoin tanks below $19,000 on the chart l BTCUSDT on TradingView.com
He revealed that he is still receiving more requests from more interested investors. According to FatManTerra, people are making crypto scamming to be relatively easy.
Ponzi Scheme Intended To Create More Awareness
In his tweet on the process, FatManTerra confirmed that it is a fake scheme. But he stated that his actions were deliberate in raising more awareness. Additionally, the influencer confessed that he intentionally used many buzzwords to compound his strategy.
He made some convincing posts on different platforms while concealing the investment details. This included him not mentioning the fund’s name or describing the trading process. He noted that while no one could point out the source of the yield, there are still people willing to invest.
Also, he reported that he had already refunded all the people that sent their funds. He used the means to advise the public that there’s no risk-free high yield anywhere. But some responses to his tweet are touting him that he really meant to scam but later backed out.
Featured image from UnSplash, chart from TradingView.com
At the MEXC afterparty “M&M Launcher,” which took place on September 28, during the Token2049 event in Singapore, MEXC Exchange officially announced that its fund had been upgraded to M-Ventures and received a new management group. Through strategic investments, mergers and acquisitions, funds of funds, and project incubation, the upgraded M-Ventures is a comprehensive fund […]
The Bitcoin Policy Institute’s report on CBDCs makes a strong case for why the US should reject a centrally issued version of the dollar. Bitcoinist covered that already. This time, we’ll focus on the reasons why The Bitcoin Policy Institute thinks CBDCs don’t make sense and are not practical for capitalist societies. The main argument […]
One of the most notable features of cryptocurrency is its ability to enable instant cross-border payments, which has attracted a widening number of territories so far. Around 105 countries have tapped the technology, with some currently in the final stages of launching their Central Bank Digital Currency (CBDCs), like China. Others, like Sweden and Israel, […]
U.S. Citizens might be able to invest in Bitcoin and digital assets as part of their pension and retirement plans, according to the Retirement Savings Modernization Act. Introduced by U.S. Senators Pat Toomey, Tim Scott, and Representative Peter Meijer. Related Reading: Facebook And Instagram Will Allow Users To Connect Their Crypto Wallets The bill was […]
The Terra collapse is now four months gone, and things continue to develop around the why. Mostly, the attention has been on founder Do Kwon and others who were involved in the running and eventual downfall of the network. But one set of people that have not been put at the forefront were the people […]
The post Altcoin Market Might Crash More Than 60% in Next 12 Months appeared first on Coinpedia Fintech News
Along with Bitcoin, altcoins too have been the prey of extreme volatility since a while now. Just a couple of days before the market appeared to be recovering but that couldn’t hold on for long as the currencies dropped. While the currencies struggle for a bull run, one of the known analysts is predicting more …