Instagram Influencer Allegedly Scammed Followers Out of $2.5M BTC

An Instagram influencer known for “cash giveaways” has allegedly scammed followers out of $2.5 million worth of Bitcoin.

March 25, 2021 | AtoZ Markets An Instagram influencer, accused of electronic fraud, has allegedly defrauded their followers for $2.5 million.

Social media influencer Jay Mazini, who claims to have a net worth of $33 million and is known for distributing free cash, has been accused by the US Department of Justice of electronic fraud. Mazini allegedly tricked his 1 million followers into sending him Bitcoin for more cash, but he did not make those payments.

While the Ministry announced the case opened on March 24, the FBI investigation is still ongoing.

According to the Justice Department's documents, the influencer offered to pay its followers between 3.5 and 5% more of Bitcoin's market value, claiming that traditional crypto exchanges set limits on how much Bitcoins can buy.

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The fraud in question took place on the influencer's Twitter and Instagram accounts between January and February. Bitcoin's price rose from $29,000 to $49,000 during this period. Mazini was allegedly offering to buy Bitcoin at $52,500 on February 14, when BTC was trading at $47,000.

It turned out that Mazini collected Bitcoins from his followers, then sent fake payment receipts showing the agreed prices, but did not actually send either the agreed amount or the money at all.

Mazini's case will be heard by the courts of New York. Influencer can be sentenced to 20 years in prison if found guilty.

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