Bitcoin and Social Media. Are these the perfect ingredients for a scam? At least that’s what influencer Jay Mazini thought.
Social media star Jay Mazini has to answer in court. Investigators accuse the American Instagramer of fraud on a large scale. Mazini allegedly relieved his followers of Bitcoin worth $ 2.5 million through false information.
Mazini, whose real name is Jegara Igbara, had a million followers on Instagram. According to the FBI, he offered his followers to buy Bitcoin from them at “attractive but inflated prices.” However, he owed the equivalent. If convicted, Mazini faces up to 20 years in prison. His social media pages have already been taken offline.
Mazini made a name for himself on Instagram as a benefactor. He won his followers through videos in which he surprised strangers with cash and other gifts. At the beginning of January, he went on the Bitcoin hunt via social media. Here, too, the influencer presented himself as kind-hearted. After all, he offered his followers prices that were up to five percent above market value. Mazini stated that he could only purchase a limited amount of BTC on crypto exchanges. The FBI agent responsible for the case, William F. Sweeney, sees other motives at work:
However, a look behind the scenes showed that things are not always what they seem. There was nothing philanthropic about the bitcoin transactions Igbara made with its victims. A quick search on the internet today reveals a very different picture of this multimillion dollar scammer.
According to the investigators, Mazini sent his victims fake screen recordings with alleged transfer receipts. The money never reached the victims, who then dropped their BTC. One follower is said to have fallen for the fraud particularly bitterly. According to court records, Mazini stole $ 750,000 worth of Bitcoin from him. The FBI is asking for more information.
Mazini is certainly not the only fraudulent shark in the social media pool. Bitcoin scammers, con artists, and hackers of all stripes have made use of Youtube, Twitter, and Co. over the years to properly bounce off Hodler.
On the one hand, there are celebrities like John McAfee and Steven Seagal. Both had promoted dubious ICOs; of course without disclosing their fee contracts. In the usual manner, McAfee went one step further with regard to the crypto scam. He harnessed his Twitter reach for a well-established pump-and-dump scam. McAfee advertised various altcoins to his followers that he had previously stocked upon. When the price rose, he sold the coins at a profit. He too now faces up to 20 years imprisonment.
The Twitter hacks from 2020 are also remembered. Cybercriminals gained access to high-reach accounts such as those of Barack Obama, Joe Biden, Jeff Bezos, or Kanye West. There they advertised a fantastic offer: Anyone who sent them Bitcoin should receive double the amount back. Or nothing at all. The scam also celebrated dubious success on YouTube.
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