If anyone ever thought that making money on the crypto market was no longer as easy as it was back in the 2017 era, they are dead wrong. The thesis was proven by crypto influencer FatManTerra, who states that he managed to attract in excess of $100,000 in Bitcoin equivalent in a matter of hours by launching a fake investment scheme that he later revealed.
FatManTerra states that he wanted to conduct an experiment to see just how gullible people on the market are when following the advice of influencers. With an account numbering over 100,000 followers, FatManTerra had no difficulty in attracting investors to his new fake platform.
In a recent tweet, FatManTerra stated that he “received access to a high-yield BTC farm” that had been set up by some major fund, conveniently leaving out its name. The influencer left his private messaging open and welcomed anyone interested to contact him, highlighting that he could get “priority to UST victims.” The tweet worked like a charm and FatManTerra managed to attract over $100,000 in investments in Bitcoin equivalent from both Twitter and Discord messages in just two hours.
The day after, FatManTerra announced that the post was a deliberate fake and returned all the funds he had received. In a lengthy explanation, FatManTerra divulged that his intentions were noble to educate the audience and give them a tangible example of how not to invest blindly and never to follow some influencer’s advice without actually conducting sound research.
It has become evidently clear how easy it is to dupe people into believing a media person’s promises without hindsight or afterthought about the consequences. FatManTerra also highlighted that influencers have been known to promote scams in the media and many of them are allegedly guilty of many investors falling for unscrupulous projects.
Though the experiment was brutal, its effectiveness cannot be downgraded. The cold sweat that investors were thrown in at the thought of losing their investments should henceforth act as a clear reminder of the dangers lurking in the crypto market and as a wakeup call to those who refuse to conduct research on their own.