Instagram celebrity accused of $2.5 million bitcoin scam
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Answer Instagram celebrity accused of $2.5 million bitcoin scam
Federal investigators have accused an Instagram influencer, known as Jay Mazini, of defrauding his followers of millions of dollars in bitcoin.
The FBI alleges that Mazzini used his social media profile to lure his followers into selling their bitcoins at attractive inflated values.
Tell The investigators found that there was no act of charity or goodwill about the actions of defendant Mazzini.
A statement from the US Attorney’s Office for the Eastern District of New York states:
In fact, Mazzini never sent money to his followers
Instead, he stole at least $2.5 million worth of bitcoin from his victims.
Fake pictures and screenshots:
Mazzini gained nearly a million followers on Instagram by posting videos in which he distributed large sums of cash to random people.
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Somewhere around January of this year, he started offering to buy bitcoins from his followers at prices that were 3.5% to 5% more than their market value.
Mazzini claimed that he was willing to pay more due to crypto exchanges’ restrictions on the amount of bitcoin their customers could buy.
When people contacted Mazzini, he provided them with screenshots of the purported wire transfer confirmations.
Victims then sent the agreed amounts of bitcoin, but investigators say the promised money did not arrive, leading authorities to conclude that the screenshots were fake.
According to court documents, a follower allegedly sent Mazzini up to $750,000 in bitcoin.
Regardless of the Instagram platform, the defendant was active on several other social media platforms, including Twitter.
Mazzini, whose Instagram account has been deleted, is currently being held in New Jersey and will appear in federal court in New York at a later time.
If convicted, he faces up to 20 years behind bars.
In sum, caution should be exercised and not to trade, buy or sell digital currencies except from trusted parties and platforms.
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