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A $100,000 Crypto Scam to Teach You Money Basics | #socialmedia | #hacking | #aihp

When we hear of any crime or crypto scam, often our instinct is to dismiss it as something that will not happen to us. We might look into it to satiate our innate curiosity but we rarely follow the precautionary steps listed or equip ourselves to deal with such a situation.

Well, one crypto influencer decided it’s time people stopped taking things lightly and took the most explosive route he could – he scammed people to let them know just how easy it is to be fooled on the Internet.  FatMan Terra revealed that his elaborate ruse betted him a cool $100,000 worth of Bitcoin (BTC) from crypto investors.

With his recent prank, FatMan Terra showed just how easy it is to carry out a crypto scam.

FatMan Terra’s Terrific Ruse

FatMan Terra stated that he wanted to caution crypto investors against blindly following investment advice doled out by influencers on social media. His Twitter account is followed by over 101,110 people and he often tweets about his bad experience with Terra. It is no secret that he feels Terra founder Do Kwan must be held accountable for the company’s collapse.

On September 5, he took to Twitter to announce his latest project. “Received access to a high-yield BTC farm based on a private carry trade operated by an up-and-coming fund. I’ve maxed out what I could, so there’s some leftover allocation and I thought I’d pass it along – priority will be given to UST victims. DM for more details if interested,” read the cryptic post.

To say he was inundated with DMs would be an understatement. Four hours later, the man had given up. He revealed, “In two hours, I received over one hundred DMs. I raised 3.45 BTC from Twitter and 2 BTC from Discord – over $100k, with more requests flooding in by the minute.”

He went on to say that although he purposely kept the details obscure, people still invested. FatMan Terra pointed out that he just followed the modus operandi of crypto scammers. He said the right buzzwords and put on a convincing act that fooled crypto investors who did not do their homework. A lack of due diligence resulted in them falling for his basic scam.

The Yield is You

The investor influencer pointed out that anyone offering free money in the crypto world is lying. FatMan Terra told people to be wary of get-rich-quick schemes and coaching offering online, as these do not translate into money, except for the ones running the scam. He also did not miss the opportunity to call out Do Kwan. “If you don’t understand where the yield is coming from, you are the yield.”

Furthermore, he assured tweeple that he had refunded every person who sent money in full. His only intention behind the ruse was to call to attention the numerous crypto scams run through social media. He urged his followers to especially be wary of risk-free high yields as no such thing exists in real life. FatMan Terra said that although he might receive hate for the way he conducted himself, he hopes the awareness campaign will make people think critically about where they send their money and why. He also mentioned that his post was inspired by the Lady of Crypto Twitter account, which has been accused of promoting dubious schemes.

According to experts, as of 2022, there has been a steep fall in crypto scams as vigilant investors and falling asset prices have made scamming a difficult endeavor. Chainalysis recently reported a 6% decline in total crypto scam revenue and mentioned that it appears to be linked to the falling price of cryptocurrencies. Researcher Eric Jardine commented that so far the largest scam of 2022 has only netted $273 million. He also noted that a crackdown on dark web black markets have made it difficult for criminals to operate.

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