Instagram Influencer Scammed Hundreds Of His Followers: Report

An Instagram influencer scammed thousands of his followers out of millions of Bitcoin while the price of the coin rises more with more investors piling up and looking for profits as we see more today in our latest Bitcoin scam news.

The scammers are not always showing up behind fake accounts or cyber hackers. Some have their own profiles that thousands of followers on social media. With the developing story involving an Instagram influencer, we can see that the scammers are getting latched on BTC as well as this one scammed his followers out of thousands of dollars.

The Federal investigators charged Jegara Igbara whose alter ego is Jay Mazini on social media with defrauding his followers out of millions of dollars. Igbara lured victims by offering up to 5% over market rates claiming that the exchanges that he used started limiting how much BTC he could buy at once. With his Jay Mazini profile, Igbara hit over 1 million followers where he shared videos of himself giving cash to others.

Igbara used his social media popularity to scam the followers into selling him BTC according to the US attorney for the Eastern District of New York, Mark Lesko. Documents showed that at least $2.5 million worth in total was stolen with one victim sending the scammer 54 BTC in which he wired $500,000 of his part of the transaction. The account that appeared on Instagram dubbed Jay Mazini is a scam where screenshots of the angry followers popped up.

First off, the proposition that he can double their money was insane but second, when dealing with crypto or cash, users should only transact with a reputable third-party. Exchanging coins with one person that you don’t know increases the risk of losses. You should also avoid free crypto on social media especially if one account offers free crypto in exchange asking that you should send some first because this is the most common scam. Even if the account seems to be Elon Musk or his account you should be careful because the account could be fake or a real one that is compromised.

Even real verified accounts bring their own risks. Igbara himself is a real person that had a real account but crypto is still full of friendly pseudonyms that can have some bad motives. Other reliable tips include to never disclose to anyone that you hold crypto, use unique passwords for each exchange account and move the coins to a hardware wallet that is safer.