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. The 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 has 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. In early January, he hunted Bitcoin on 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 buy a limited amount of BTC on crypto exchanges. The FBI agent in charge of 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 shows a very different picture of this multi-million dollar fraudster.
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. Mazini stole $ 750,000 worth of Bitcoin from him, according to court records. The FBI is asking for more information.
Mazini is certainly not the only fraudulent shark in the social media pool. Bitcoin fraudsters, fraudsters and hackers of all kinds have used Youtube, Twitter and Co. over the years to really ricochet off Hodler.
On the one hand, there are celebrities like John McAfee and Steven Seagal. Both had sponsored dubious ICOs; of course without disclosing their fee contracts. In the usual way, McAfee went one step further when it came to crypto fraud. He used his Twitter reach for an established pump-and-dump scam. McAfee advertised various altcoins to his followers that he previously had in store. When the price rose, he sold the coins for a profit. He too now faces a prison sentence of up to 20 years.
The Twitter hacks of 2020 will also be remembered. Cyber criminals gained access to high-reach accounts like those of Barack Obama, Joe Biden, Jeff Bezos or Kanye West. There they advertised a fantastic offer: Everyone who sent them Bitcoin should get double the amount back. Or nothing at all. The scam also enjoyed dubious success on YouTube.
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