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Thumbs Down: Instagram Influencer Scams Followers Out Of Millions In Bitcoin

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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By the way of network effect, each new market cycle brings more and more attention to Bitcoin. The price per coin rises as more investors pile in looking for a piece of the profits the cryptocurrency is known for providing over the years. At the same time, however, it also attracts more criminals, scammers, and crooks to the cryptocurrency space.

The scammers aren’t always hidden behind fake accounts, or are cyber hackers on the other side of the planet. In fact, some are brazen enough to scam their own followers on social media. A developing story involving millions in stolen Bitcoin is an example of why even well-known influencers cannot be trusted when it comes to crypto.

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Here’s the break down of what happened, and how you can take steps to avoid similar scams yourself.

Instagram Influencer Steals Millions In BTC From Investors Blinded By Greed

Federal investigators are charging Jegara Igbara – who uses the alter ego Jay Mazini on social media – with defrauding his followers out of millions of dollars worth of Bitcoin.

Igbara had lured victims by offering “3.5 to 5% over market rates,” claiming that the exchanges he uses had begun to limit how much Bitcoin he could buy at once. Under the Jay Mazini guise, Igbara had amassed an Instagram account with over 1 million followers, where he had shared videos of himself gifting cash to others.

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“Igbara used his immense social media popularity to dupe his followers into selling him Bitcoin,” said Mark Lesko, acting U.S. attorney for the Eastern District of New York.

Documents reveal that at least $2.5 million worth in total was stolen, with one victim alone sending Igbara 54 BTC – in which Igbara only wired $500,000 of his part of the total transaction.

Accounts have since appeared on Instragram named “Jay Manzini is a scam” where screenshots of upset followers are being shared.

bitcoin price instagram scammer

As Bitcoin price climbs, it doesn't just attract new investors – it attracts new scammers, too | Source: BTCUSD on TradingView.com

How Bitcoin Investors Can Protect Themselves From Scams

“Buyer beware when making purchases of Bitcoin or any other cryptocurrency over social media,” said Jonathan Larsen, an investigator for the Internal Revenue Service. But how?

For one, if a situation seems too good to be true, such as the overly high exchange rates in this scenario, then it probably is. Second, when dealing with crypto or even cash, only transact with a reputable third-party. Exchanging coins with an individual you don’t know increases any risk of loss exponentially.

RELATED READING | HOW LASER EYES COULD HAVE BITCOIN INVESTORS SEEING RED

Avoid any offers for free cryptocurrency on social media, especially if an account is offering free crypto in exchange in return for some being sent first. This is a common scam. Even if the account appears to be Elon Musk, or even is his account, be careful – the account could be a fake or a real account that’s been compromised.

Yes, even real verified accounts carry risk. Igbara himself is a real person, with a real account, albeit using a phony pseudonym and was hiding bad intentions. Crypto is full of seemingly friendly pseudonyms that very well could also have such ulterior motives.

Other reliable tips include never disclosing to anyone that you hold crypto, stick to two-factor authentication that doesn’t rely on SMS, and to use unique passwords for each crypto exchange account. For long-term coin storage, moving them to a hardware wallet is safest, but even that can pose risks, and requires in-depth research on privacy as well as personal operational and computer security.

Featured image from Pixabay, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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