Fake bitcoin farm raises $100 000 in a few hours

The scheme was created as part of an experiment by a DeFi-researcher under the pseudonym FatManTerra

06.09.2022 - 12:55

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2 min

What’s new? A well-known Twitter DeFi-researcher nicknamed FatManTerra conducted an experiment in which he created a fake investment scheme. It raised more than $100 000 in a few hours. FatManTerra was formerly a supporter of the Terra ecosystem, but after the project collapsed, he started actively opposing it. About 101 000 people are subscribed to the account.

Inspired by Lady of Crypto, a while ago I pitched my own investment scheme to Twitter...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.But there's a little twist.— FatMan (@FatManTerra) September 5, 2022

How did events develop? On September 5, the researcher published a post in which he told his subscribers that he allegedly gained access to a “high-yield BTC farm” and offered to join the project. According to him, the access was provided by an unnamed fund. FatManTerra deliberately did not cover additional details of the investment scheme, but even without the clarifying information, subscribers transferred over $100 000 worth of bitcoins. He added:

“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. Your favourite influencer selling you quick money trading coaching or offering a golden investment opportunity is scamming you.”

FatManTerra said he has returned all users' previously sent funds. He said he was inspired to experiment by the account of Lady of Crypto, which was accused of advertising dubious investment schemes among 257 500 subscribers.

In July, representatives of the FBI warned about the emergence of a large number of fraudulent cryptocurrency applications masquerading as real companies and financial institutions. In August, the FBI issued a warning to investors about vulnerabilities in DeFi-platforms.

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