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Thumbs Down: Instagram Influencer Scams Followers Out Of Millions In Bitcoin

By the way of network effect, each new market cycle brings more and more attention to Bitcoin. The price per coin rises as more investors pile in looking for a piece of the profits the cryptocurrency is known for providing over the years. At the same time, however, it also attracts more criminals, scammers, and crooks to the cryptocurrency space.
The scammers aren’t always hidden behind fake accounts, or are cyber hackers on the other side of the planet. In fact, some are brazen enough to scam their own followers on social media. A developing story involving millions in stolen Bitcoin is an example of why even well-known influencers cannot be trusted when it comes to crypto.
Here’s the break down of what happened, and how you can take steps to avoid similar scams yourself.
Instagram Influencer Steals Millions In BTC From Investors Blinded By Greed
Federal investigators are charging Jegara Igbara – who uses the alter ego Jay Mazini on social media – with defrauding his followers out of millions of dollars worth of Bitcoin.
Igbara had lured victims by offering “3.5 to 5% over market rates,” claiming that the exchanges he uses had begun to limit how much Bitcoin he could buy at once. Under the Jay Mazini guise, Igbara had amassed an Instagram account with over 1 million followers, where he had shared videos of himself gifting cash to others.
“Igbara used his immense social media popularity …
Story continues on Bitcoinist

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