Popular Instagram Influencer Accused of Defrauding Followers Bitcoin Estimated to be Worth Millions of Dollars
March 29, 2021 4:54 AM
It's becoming a thing that a lot of scamming activities are happening on social media, joining the list is an influential Instagram personality charged with Bitcoin theft from his followers.
The influencer has been accused in the U.S. of extorting bitcoins worth millions of dollars from his followers on IG. He reportedly convinced his victims to sell him their BTC at a very attractive rate which he never sent them the money for the coins he received from them.
United State Department of Justice announced on Wednesday that "Jay Mazzini" a popular influencer on Instagram has been accused of wire fraud linked to a bitcoin scam. The DOJ wrote in a statement:
Jepara Igbara has been charged with wire fraud after a complaint was filed in federal court in Brooklyn, the defendant ask victims to transfer bitcoins to him while making false claims to have transferred the cash in exchange for the Bitcoin sent to him.
The U.S Department of Justice 'DOJ' also asserted that the influencer never sent the money, stealing a minimum of about $2.5 million worth of bitcoin in the process.
Mark Lesko the acting U.S. Attorney explained that Igbara used his social media fame to deceive his followers into selling bitcoin to him, at a very attractive but exaggerated value. Jonathan Larsen IRS-CI Special-Agent-in-Charge reported that Igbara used his influence online to steal from those seeking to exchange BTC for cash above the actual market value.
The complaint stated that Igbara known as Jay Mazini on Instagram managed a popular account with almost one million followers. Known to be posting videos portraying himself gifting a huge amount of cash to individuals.
According to the DOJ, Igbara in or around Jan. 2021 started sharing videos to his Instagram account. He offered to buy bitcoin from other users on Instagram with a 3.5% - 5% mark up on the actual market value.
However, the DOJ added that Igbara also asserted that he was ready to pay the inflated prices because bitcoin exchanges were restricting him from purchasing high volume in bitcoin.
When the victims finally agreed to the sale. The complaint detailed that Igbara will sent false documents including images as evidence he has done the wire transfer for the amounts agreed. The victims then transferred their BTC to Jay Mazini but his wire transfer never came.
According to FBI Assistant Director William Sweeney, who noted that just a quick online search will reveal a different image of this multimillion dollar scammer. which is different when compared to the philanthropic bitcoin transactions Igbara did with his victims.
Investigations is still ongoing at the moment and if found guilty, Igbara faces up to 29 years behind bars. while authorities has also advised anyone who they might have been a victim of Igbara scheme to file a complaint with the FBI.