Instagram influencer charged with allegedly defrauding followers of their bitcoin

advertisement

An Instagram influencer known as Jay Mazini has been accused of defrauding his followers in an alleged scheme that resulted in the theft of some $2.5 million in bitcoin, according to a release from the Department of Justice. 

Mazini, identified in court papers as Jebara Igbara, allegedly leveraged Instagram — and his more than one million followers — to solicit Bitcoin, promising 3.5-5% premiums for the transaction. Prosecutors say he never paid victims.

In all, Igbara allegedly amassed at least $2.5 million worth of bitcoin from his followers. The Department of Justice said the investigation is ongoing according to Wednesday's press statement.

Bank records allegedly show that Igbara did not have enough funds in his account to pay at least one victim the promised amount, so he faked transaction confirmation receipts misrepresenting that he sent the promised wire transfer to victims. 

The affidavit for the arrest warrant states that for one of his victims, Igbara promised to pay $195,700 for 5.049 Bitcoin around January 7, 2021. The victim messaged Igbara on WhatsApp and asked: “U send me wire receipt and I send you coins?” Igbara responded, “Of course. Of course I will send the wire transfer receipt.” After this victim noted that they had not received the wire transfer, Igbara allegedly repeated reasons why the transfer was delayed. 

"The charge in the indictment is an allegations, and the defendant is presumed innocent unless and until proven guilty.  If convicted, Igbara faces up to 20 years’ imprisonment," the DOJ said.

 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More