Bitcoin ScamCointelegraph.comDepartment of JusticeinfluencerJay MaziniscamSocial MediaWire fraud

Instagram influencer charged over duping followers out of $2.5M BTC

A social media influencer known for “cash giveaways” has failed to show the money in alleged Bitcoin wire fraud scheme.
An Instagram influencer has been charged with wire fraud, after he allegedly scammed followers out of $2.5 million worth of Bitcoin. Social media influencer Jay Mazini, who boasted of a net worth of $33 million and is known for “cash giveaways”, is accused by the Department of Justice of operating a wire fraud scheme in which he duped some of his 1 million followers to send him Bitcoin in exchange for inflated cash offers, which he failed to pay properly. The DoJ announced the charges on March 24, following a complaint filed in Brooklyn Federal Court the day before. The FBI investigation into the case is still ongoing, with FBI Assistant Director-in-Charge William F. Sweeney noting: “Igbara’s social media persona served as a backdrop for enticing victims to sell him their Bitcoin at attractive, but inflated, values. A behind-the-scenes look, however, revealed things aren’t always as they seem. There was nothing philanthropic about the Bitcoin transactions Igbara engaged in with his victims.”Sweeney added: “A quick search of the Interwebs today will reveal an entirely different image of this multimillion-dollar scammer.”According to DoJ documents, the influencer offered to pay followers between 3.5% to 5% over market value for Bitcoin, claiming traditional crypto exchanges had capped how much Bitcoin he could purchase.The alleged wire fraud scam took place between January to late February, with the influencer soliciting followers on Twitter and Instagram. During …
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