Crypto investments have been on the rise as of late, and that has resulted in a huge uptick in the number of scams that try to use them to trick people with all things having been considered and taken into account. An influencer by the name of FatMan Terra recently came under fire for trying to run a crypto scam of his own, but with all of that having been said and now out of the way it is important to note that the purpose of this scam was not to defraud people.
Rather, this scam was meant to educate consumers about the pitfalls of investing in crypto schemes that they have not yet done the requisite due diligence for. According to FatMan Terra, he recently saw a scam being run by a Twitter account under the name of Lady of Crypto. He used this as an opportunity to run a similar kind of scam, and this revealed just how little research people do before investing their money into the scams.
Just two hours after announcing his investment scheme, prior to revealing that it was not actually legitimate, the influencer managed to acquire around 5.45 bitcoin worth of investments from Twitter and Discord. These investments totaled around $100,000, and the speed at which the money came in showed that people are too gullible when investing in this space.
The basic premise of the argument that FatMan Terra was trying to make is that nobody is going to give you free money. Anyone that is claiming that they can do so is lying because of the fact that this is the sort of thing that could potentially end up making it easier for them to defraud people.
In spite of the fact that this is the case, some are criticizing the influencer for attempting to take money in the first place. It remains to be seen whether this was an awareness campaign or a scam attempt gone awry, but the information that it has made clear is hard to dispute. Crypto scams are rife online, and consumers should be wary of them.
Read next: Antivirus Apps on Google Play Store Are Infecting Devices With Banking Trojans
Rather, this scam was meant to educate consumers about the pitfalls of investing in crypto schemes that they have not yet done the requisite due diligence for. According to FatMan Terra, he recently saw a scam being run by a Twitter account under the name of Lady of Crypto. He used this as an opportunity to run a similar kind of scam, and this revealed just how little research people do before investing their money into the scams.
Just two hours after announcing his investment scheme, prior to revealing that it was not actually legitimate, the influencer managed to acquire around 5.45 bitcoin worth of investments from Twitter and Discord. These investments totaled around $100,000, and the speed at which the money came in showed that people are too gullible when investing in this space.
The basic premise of the argument that FatMan Terra was trying to make is that nobody is going to give you free money. Anyone that is claiming that they can do so is lying because of the fact that this is the sort of thing that could potentially end up making it easier for them to defraud people.
In spite of the fact that this is the case, some are criticizing the influencer for attempting to take money in the first place. It remains to be seen whether this was an awareness campaign or a scam attempt gone awry, but the information that it has made clear is hard to dispute. Crypto scams are rife online, and consumers should be wary of them.
Read next: Antivirus Apps on Google Play Store Are Infecting Devices With Banking Trojans
