Instagram Scammer Jay Mazini Pleads Guilty to $2.5 Million Bitcoin Theft

Instagram Influencer Jay Mazini has pled guilty to stealing $2.5 million in Bitcoin from his victims in one of multiple giveaway scams.

The influencer – whose official name is Jebara Igbara – faces up to 20 years in prison for his crimes.

  • As the Department of Justice (DOJ) announced on Wednesday, Mazini has specifically pled guilty to wire fraud, wire fraud conspiracy and money laundering.
  • Mazini was known for social media stunts like giving away large amounts of cash to strangers as gifts in various locations. One of his popular stunts involved handing out $30,000 at a Burger King in New York, alongside famous rapper 50-cent. 

  • “In reality, Igbara was perpetrating overlapping fraud schemes, scamming investors out of at least $8 million,” said the DOJ.

  • Mazini’s Bitcoin scheme involved promising to buy Bitcoin from his Instagram followers at above-market rates. After his followers would send him Bitcoin, the influencer sent them doctored images of wire transfer confirmations of returned funds. However, the sellers never actually received the money.
  • Mazini would justify his higher-rate purchases by claiming he’d been barred by exchanges from purchasing more Bitcoin. 

  • “All the victims, in this case, were promised something that was too good to be true,” said IRS-CI Special Agent-in-Charge, Thomas Fattorusso. “Be skeptical of any investments with larger-than-life promises, because if it sounds too good to be true, it probably is.”

Bitcoin live price
Btc
Bitcoin
$16.906,6
price
3.20707%
price change
BUY NOW

One of the biggest online voices to expose Mazini last year was Coffeezilla – a YouTuber popular for investigating crypto-related hacks and scams. 

Comments

Post a Comment

Popular posts from this blog

Crypto Analyst Says Selling XRP Now Is Unwise, the Bulls Are Set

Image
Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. He dismissed comparing XRP to Solana (SOL) and Avalanche (AVAX). Armstrong claimed XRP’s uptrend would commence in January, urging investors to pack their bags. In a recent YouTube video, crypto analyst Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. While acknowledging XRP’s historical lackluster trend, he first addressed concerns related to XRP’s failure to sustain its bullish momentum following the victory from the legal dispute. Armstrong argued that broader market conditions suppressed further gains. Furthermore, he countered critical views about XRP’s failure to engineer a bullish trajectory like other rivals such as Solana (SOL) and Avalanche (AVAX), which have seen more than 100% gains.   He dismissed such comparisons and drew parallels to Ethereum’s delayed ascent in previous cycles. Moreover, he caution...
Read more

BitBoy dismissed from FTX case as three celebrities settle

The legal fallout from the collapse of crypto exchange FTX continues, with some high-profile names opting to settle while others are dismissed entirely. Crypto influencer Ben “BitBoy” Armstrong is no longer facing a lawsuit related to his promotion of FTX. Lawyers recently filed notice that they are voluntarily dismissing claims against him. Armstrong had not yet responded to the allegations in court. Meanwhile, Jacksonville Jaguars quarterback Trevor Lawrence, YouTuber Kevin Paffrath, and influencer Tom Nash have agreed to confidential settle ments to resolve claims against them. A judge still needs to approve the deals to officially remove them from the ongoing litigation. According to recent reports, lawyers leading the case say they are in discussions about potential settle ments with other celebrities who promoted FTX, including athletes and social media stars. More deals are likely to come. The lawsuit aims to claw back money paid to celebrity endorsers and spo...
Read more

Solana-Based Meme Coin Project Selling Out Fast – Could This Be the Next Presale Gem with 100X Growth Potential?

Image
Slothana has made a remarkable entrance despite its choice of mascot—the sloth—and it has sparked considerable interest among the crypto community. Riding on the trend of sloth-themed projects and benefiting from the surge in Solana’s popularity, Slothana has exceeded expectations by raising over $10 million in its ongoing presale. Slothana’s strategic blockchain choice fuels its presale success Slothana’s strategic choice to establish its presence on the Solana blockchain strategically aligns it with the burgeoning meme coin sphere. Solana has emerged as the preferred blockchain for meme projects during this bullish market phase, and Slothana adeptly leverages this trend. By selecting Solana as its platform, Slothana seamlessly integrates itself into a thriving ecosystem tailor-made for the success of meme coins. In a domain where most meme coins adhere to conventional themes such as dogs or cats, Slothana distinguishes itself by embracing the sloth a...
Read more