Crypto influencer Fatman Terra pitched his own fake investment scheme on Twitter — and found willing investors instantly — in an attempt to educate people about scams in the industry. 

See related article: Terra’s Mirror Protocol fixes exploit that drained more than US$2 million

Fast facts

  • “In two hours, I received over one hundred DMs,” he said on Twitter, saying that 99% of crypto projects are scams designed to enrich their founders. 
  • He said he raised over US$100,000 through 3.45 BTC from Twitter and 2 BTC from Discord. 
  • He said he refunded all the money he received.
  • “It is far too easy to scam people in crypto. And this needs to change,” he said on Twitter.
  • While promoting his fake investment scheme, he neither provided the name of the fund nor did he describe the trade or where the yield was coming from. But people still invested.
  • “I want to send a clear, strong message to everyone in the crypto world — anyone offering to hand you free money is lying. It simply doesn’t exist,” he said.

See related article: Why NFT scams are on the rise — and how to stop them