Instagram Influencer Accused of Scamming Followers Out of $2.5M In Bitcoin Scams

Jay Mazini : Accused of Scamming

A 25-year-old Instagram influencer is facing charges of wire fraud amid accusations that he swindled his followers out of Bitcoin worth $2.5 million. Jay Mazini, whose actual name is Jegara Igbara, had attracted one million followers by posting videos that showed himself handing out large amounts of cash as gifts to random people as part of his stunt, one of which involved 50 cent. As alleged, Igbara used his immense social media popularity to dupe his followers into selling him Bitcoin. Instagram disabled the bitcoin scammer’s account.

How much jail time is wire fraud?

If convicted, the 25-year-old could face up to 20 years in prison. (A good reason to just not scam others, don’t do it, bitcoin scammers!)

Bitcoin Scam tactic used :

 Investigators from U.S. Department of Justice claim that Jay Mazini would often offer to buy Bitcoin from his followers at inflated prices because traditional exchanges were limiting his purchases. Victims reportedly sent the cryptocurrency and ended up receiving documents confirming a wire transfer had taken place, but the money would never reach their account.

 In February, Igbara had offered to pay $52,000 for one Bitcoin, which had a value of about $47,000 at the time. 

 Igbara is currently being held on unrelated state charges of aggravated assault, kidnapping, making terroristic threats and weapons possession in New Jersey.

How to protect yourself from this type of Bitcoin Scam

Do not sell your Bitcoin to anyone private online. Especially those who claim they can’t buy Bitcoin from an exchange and need your help, offering you an inflated buy price is to lure you in. Your answer should always be “No”. This is the only way to protect yourself from such scams. Don’t get sucked in.

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Stay safe, bitcoin community!