Jay Mazini Charged For Defrauding Followers Out Of $2.5 Million In Bitcoin

Instagram influencer Jay Mazini has been charged with wire fraud for allegedly scamming his followers out of $2.5 million worth of bitcoin.

Source: Chesnot / Getty

Time and time again people refuse to believe Instagram will get them caught up and have them behind bars serving real jail time. The advancement of the internet has made people’s wildest dreams come true, but for some, it allowed them to become criminals online while hiding behind user names and IP addresses.

The latest case of folks using Instagram to do entirely too much is influencer Jay Mazini. For weeks, Jay was popping up on various expose pages such as @BallerBusters. The pages and the alleged victims claim Jay was running a scheme where he claimed he couldn’t buy anymore bitcoin because he was maxed out on his limits and would pay a few extra thousand to whoever could send him Bitcoin instead.

Of course, he never sent the money, but would send fake screenshots of wire transfers that he allegedly sent to people. His followers would then go ahead and send him their bitcoins in return. For now, his scamming days are over as he is in federal custody with the complaint breaking down his scheme in detail.

“Jay began using his social media accounts, specifically his accounts on Twitter and Instagram, to post offers to buy Bitcoin at above-market prices. For example, on or about February 14, 2021, [Mazini] posted to his Instagram an offer to buy Bitcoin at $52,500. On that day, the market price for Bitcoin ranged from approximately $47,105 to $59,0716. Additionally, on or about February 17, 2021, [Mazini] posted to his Instagram an offer to buy Bitcoin 3.5% to 5% above its current market.”

If you’re wondering why his name sounds so familiar, he’s the same guy who was going around NYC with 50 Cent giving away $30k to Burger King workers during the pandemic. Stunts like this made his followers think he was a respectable guy and would never leave them hanging, but obviously, that wasn’t the case. The FBI claims his philanthropic image were false and urges anyone with details and other victims to come forward.

“As we allege, Igbara’s social media persona served as a backdrop for enticing victims to sell him their Bitcoin at attractive, but inflated, values,” FBI Assistant Director-in-Charge William F. Sweeney, Jr. said in a press release. “A behind-the-scenes look, however, revealed things aren’t always as they seem. There was nothing philanthropic about the Bitcoin transactions Igbara engaged in with his victims. A quick search of the Interwebs today will reveal an entirely different image of this multimillion-dollar scammer… If anyone out there has information about this case, we urge you to file a complaint online at tips.fbi.gov.”

Mazini even has pages dedicated to warning people about his alleged scams, but that still wasn’t enough to stop people from risking it and sending him bitcoin anyway. Now, he will join the infamous Instagram hall of shame alongside Ray Hushpuppi.