Instagram Influencer Admits Draining Fans of $2.5 Million in Bitcoin

    Pathik Bhattacharya
    Pathik Bhattacharya
    Published on November 5, 2022 6:27 PM

    Updated on January 25, 2023 7:50 PM

    According to the United States Department of Justice, "Jay Manzini," a reputed Instagram influencer, may serve up to 20 years in federal prison for crimes including money laundering, wire fraud, conspiring to conduct wire fraud, and other offences.
    Instagram Influencer Admits Draining Fans of $2.5 Million in Bitcoin
    Source: The SportsGrail

    Jebara Igbara, also known as Jay Mazini, defrauded hundreds of individuals by asking his Instagram followers to give him bitcoin and promising to pay top rates for those exchanges. According to the most recent reports from multiple news outlets, in a Brooklyn federal courthouse, he entered a guilty plea to a three-count information accusing him of wire fraud, wire fraud conspiracy, and money laundering. Unexpectedly, he stole cryptocurrency from the persuaded people, valued at around $2.5 million.

    Jebara Igbara lives in Edgewater, New Jersey. This social media sensation, who is 27 years old, made headlines by broadcasting videos of himself giving significant sums of cash to random strangers, such as Walmart customers and fast food employees. He also participated in giveaway videos alongside well-known rappers, which helped him gain popularity.

    Federal authorities charged him with exploiting his influence to swindle investors in his firm Halal Capital and to trick followers into selling him bitcoin in March 2021, which is when it all started.

    Igbara used a number of connected fraud schemes, including the Muslim New Yorkers Scheme, to cheat investors out of at least $8 million. Federal prosecutors in Brooklyn claim that he asked for money from Muslims in New York in exchange for stock, gadgets, and COVID-19 safety gear.

    The fraud we're talking about in this piece today is supposedly another one of his scams. He started this fraud operation by announcing on his Instagram profile that he would pay above-market amounts for cryptocurrency to his followers to make good on the apparent profits. 

    "This multi-million dollar case is a reminder for anyone thinking of investing: Be skeptical of any investments with larger-than-life promises because if it sounds too good to be true, it probably is," IRS-CI Special Agent-in-Charge Fattorusso warned.

    Two Decades Behind The Bars

    According to recent developments in this case, Igbara might receive a term of up to 20 years in jail.

    Also, despite operating a multimillion-dollar fraud, the infamous "Jay Mazini" can receive a less term if he enters a guilty plea.

    We know this because Florida resident Joshua David Nicholas, who admitted to his crime in September after stealing $100 million in cryptocurrency from investors, is scheduled to serve up to five years in prison. This demonstrates that Igbara won't spend much time in prison.