Mastermind behind Crypto Ponzi Scheme Instagram Influencer Jay Mazini

Following the assassination attempt on US presidential candidate Donald Trump on Monday, Bitcoin jumped to a two-week high.

After reaching a two-week high of $62,698, bitcoin increased by 8.6% to $62,508, bringing its year-to-date gain to 47%. Moreover, etherium rose 6.8% to $3,322.
Why am I saying all of this to you?

Cryptocurrencies are sure to play a significant role in both our personal and professional lives. The belief that it is “easy and quick money” draws everyone to this sector, which is still undiscovered but very alluring.

That’s also where a trap catches him.

He was referring to a large-scale swindle and a Ponzi scheme using cryptocurrency and he was considered to be one of most known Instagram influencers.

“More than half (55 per cent) of Instagram influencers were involved in some form of social media fraud and fakery in 2020, despite an eight-percentage point decrease from 2019. A new study by HypeAuditor also found 45 per cent of Instagram accounts were fake (PR Week, 15 April 2021).”

Do you know Jay Mazini?

If cryptocurrencies pique your interest, you’ve probably heard about them or seen them mentioned on social media.

Former Instagram influencer “Jay Mazzini,” Jebara Igbara, 28, of New Jersey, entered a guilty plea to fraud charges after acknowledging that he designed a Ponzi scheme with cryptocurrency schemes totalling almost $8 million.

The COVID-19 pandemic’s economic chaos provided Jebara with the opportunity to launch his Instagram account, Jay Mazini.

He then used his connections in the Muslim community to raise money for his company, Hallal Capital LLC, promising to earn a return on stocks and resale of electronics and personal protective equipment.

The fact that Jebara specifically targeted his own religious community is unique and somewhat awful

He wasted and gambled with their hard-earned money, taking advantage of their faith in him.

As he made connections with wealthy local investors, Igbara expanded his online presence and amassed almost a million Instagram followers.

Every now and then I pause to ask myself, “How is it possible that people believe all that?”

To what extent is reality “easy money”?

However, after thinking, reading, and hearing about people’s experiences on a daily basis, I’ve come to the conclusion that everyone wants to get wealthy quickly and easily.

Jebara filmed cash gifts, which helped him achieve popularity.

He frequently gave large amounts of cash to regular Walmart customers or employees at fast-food restaurants.

Is that something you can envision? As you can observe, someone distributes money in that manner.

Now hold on. Have you ever wondered how he managed to amass so much wealth and how he was able to give it away in that manner?

Did his Instagram followers truly believe that someone could get that wealthy so quickly?

Of course, the fact that he shared money with rapper 50 Cent in at least one video helped make him famous.

In actuality, Jebara conned investors out of at least $8 million through multiple fraud schemes.

How was the con executed?

Jebara used a business named Halal Capital LLC to conduct an investment fraud scam.

The plan asked for money from the Muslim-American community in New York for purported stock investments, electronics resale, and personal protective equipment sales.

But in reality, Jebara was the mastermind behind the Ponzi scam, embezzling nearly all of the funds for his own use, opulent cars, and gambling.

Igbara also carried out another fraudulent scam, announcing on his Instagram and other social media accounts that he was willing to pay more than the market price for various cryptocurrencies in order to gather money to pay his investors a “return” and keep them on the hook.

After that, he would allegedly give his victims fictitious pictures of bank transfer receipts, proving that he had sent the promised cryptocurrency money.

In reality, Igbara was only stealing the bitcoin his victim had sent, and the payment had never taken place.

As I already stated, his actions were shameful.

He specifically targeted members of his own religious community, preying on their confidence in him to fritter and squander away their hard-earned cash.

By 2020, he had alienated investors and internet fans who publicly accused him of being a scammer.

They also applauded his arrest in 2021 on suspicion of kidnapping.

Jebara acknowledged kidnapping a possible witness to his frauds in a different case.
Numerous of his victims have come forward to the FBI, according to court filings.

Under the pretence of a cash wire transfer, at least four people confessed to FBI agents that they had sent over $100,000 in bitcoins.
One victim claimed to have lost 50 bitcoins after Jebara first claimed to be sending $2.56 million by wire transfer and then provided an explanation for why the payments didn’t occur.

Prior to his sentence on Wednesday in federal court in Brooklyn, Jebara spoke to the guys he had abducted and expressed his sincere regret to them.

Jebara serves his five-year jail term for kidnapping concurrently with his seven-year sentence for fraud in 2021.

As part of his sentence, Jebara had to pay $10 million to his victims.

As I stated at the outset, cryptocurrencies are our future, and that future has already begun.

Without information, education, and trust, success is never simple or fast.

This post was written by Mario Bekes