The Ponzi For Dummies – He Steals $100,000… To Educate Crypto-Investors

Learn to (not) get scammed – The cases of scams (scams) are unfortunately numerous in the cryptosphere. Mainly playing on the ignorance beginners, and/or on thegreed of those who hope to become “millionaires in 2 days”some of these scams can take on significant proportions, especially by exploiting pyramid schemes or Ponzi, like OneCoin. The scam of the day is meant to be educativeas we will see.

The user known by the Twitter handle of @FatManTerra is particularly upset against the UST stablecoin disaster of Terra (LUNA)… and even more against Do Kwonmain founder of this crypto project.

In a series of tweetFatMan laments that he is “far too easy” to fool crypto investors. And above all, he proves it. Indeed, he offered a remunerative plan in cryptos with juicy returns:

“Although I used buzzwords [mots clés à la mode] and performed very convincingly on all networks, I made sure that the details of the investment remained intentionally obscure (…) no one knew where the return was coming from. But people still invested. »

@FatManTerra talks about his Ponzi success – Source: Twitter

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5.45 BTC obtained in 2 hours for an imaginary project

As FatMan explains, this simple promise of magical yields was enough to see him harvest in just 2 hours: 3.45 BTC through investment requests via Twitter and 2 BTC more via Discord. A total of 5.45 bitcoins which were easily won, and which still represents a little more than $100,000.

This observation allows FatMan to deliver a significant Warning on all the Ponzi schemes and other scams that pollute the cryptosphere far too much:

“I want to send a clear and strong message to everyone in the crypto world: anyone offering to give you free money is lying. This money simply does not exist. (…)
We live in unhappy times. Brazen scammers, like Do Kwon, roam freely scamming people constantly. 99% of cryptocurrency projects are scams designed to enrich their founders. »

After his Ponzi scheme, FatMan warns not to trust promises of too easy money
@FatManTerra warns against too easy money promises – Source: Twitter

He particularly denounces the role of “influencers”in particular via YouTube, or the “founders” of flawed (or downright rotten) projects that only aim to get rich – quoting once again Do Kwon who takes it for his rank.

Of course, things end well this time. FatMan is, in fact, neither gone with the fund, nor has it ruined its fooled investors. He has them fully reimbursed. But others have sometimes lost their life savings, as with the infamous Ponzi Bitconnect in 2017.

Stay away from spammers and scammers. Avoid too-good-to-be-true offers like the plague and get into the habit of being healthy with suspicion. On the other hand, also learn to place reasonable trust in respectable and recognized players in the ecosystem. The FTX platform falls without a shadow of a doubt into this second category. Come acquire and trade your first bitcoins and other cryptocurrencies. Register on FTX. You will benefit from a lifetime discount on your transaction fees (commercial link).

John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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