Social Media Influencer Jay Mazini Sentenced to Seven Years in Prison for $8 Million Crypto Fraud Scheme

Social Media Influencer Jay Mazini Sentenced to Seven Years in Prison for $8 Million Crypto Fraud Scheme

On April 24th, social media influencer Jabara Igbara, known as Jay Mazini, was convicted and sentenced to seven years in prison for orchestrating a crypto fraud scheme that stole over $8 million from the Muslim community. United States District Judge Frederic Block found Igbara guilty of money laundering and wire fraud, highlighting his use of a fake online persona to lure victims into investing in his fraudulent schemes. Under the alias Jay Mazini, Igbara used Instagram and other social media platforms to portray himself as a successful crypto investor, deceiving many into believing his false promises of high returns.

Operating under the sham venture Halal-Capital LLC, Igbara exploited his social media influence to attract unsuspecting victims with enticing rates and falsified bank transfers. The U.S. Department of Justice revealed Igbara’s tactics, which led to his conviction and a 84-month prison sentence. Additionally, Judge Frederic Block ordered Igbara to forfeit $10 million for his crimes.

This case is part of a broader global crackdown on crypto fraud, with governments worldwide taking action against bad actors in the digital asset ecosystem. Notable instances include the sentencing of FTX Founder Sam Bankman-Fried to 25 years for defrauding customers of billions in cash and crypto. Furthermore, tech giant Google is actively pursuing legal action against crypto scammers using fake apps to deceive investors, affecting over 100,000 users globally.

In Asia, Indian and South Korean authorities are intensifying efforts against malicious individuals behind various crypto fraud schemes. India’s Enforcement Directorate has disclosed a charge sheet involving over 299 entities under investigation, while South Korean police apprehended fraudsters suspected of stealing $4.1 million from an elderly citizen through fake crypto investment strategies.

Despite the significant losses incurred by victims of crypto fraud, there has been a notable decrease in illicit virtual currency transactions. TRM Labs reported a 9% reduction in such transactions from $49.5 billion in 2022 to $34.8 billion in 2023, indicating progress in combating illicit activities within the crypto space.

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