Big Hit From Instagram Femonen! 20 Years In Prison!

Big Hit From Instagram Femonen! 20 Years In Prison!

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The famous Instagram phenomenon is accused of defrauding his followers by taking $ 2.5 million worth of Bitcoin (BTC) from his followers.

Palestinian-American social media phenomenon Jay Mazini, who boasts a net worth of $ 33 million and is known for “cash gifts he distributes,” is accused by the Justice Department of defrauding some of his 1 million followers. Mazini appeared to defraud his followers with the promise of buying their Bitcoins for more than their normal price.

The prosecution announced the charges on March 24, following a complaint filed in Brooklyn Federal Court the day before. FBI Assistant Director in Charge William F. The FBI investigation into the case is still ongoing, Sweeney said, adding::

"Mazini provided his victims with extravagant quotes for their Bitcoins and provided a concrete basis for persuading them. Phenomena that gain people's trust because of social media are sometimes held up by the public at a level that is worshipful. Unfortunately, this trust and admiration resulted in a million-dollar fraud that we are now witnessing. People need to be more careful about this.”

20 Years In Prison

According to documents obtained, the phenomenon offered followers to pay between 3.5 percent and 5 percent more of the market value for Bitcoin, and claimed that traditional crypto exchanges limited Bitcoin sales.

January to February the alleged fraud took place and the influencer launched campaigns on Twitter and Instagram to her followers. During this time, the price of Bitcoin rose from about $ 29k to over $ 49k. According to the complaint, Bitcoin was worth around $47k on February 14, while phenomenon offered to buy Bitcoin for $ 52,500.

After receiving bitcoin from mazini's fans, he sent fake payment receipts. It turned out that he paid his fans either none or incomplete.According to the complaint filed March 23, Mazini bought 50 BTC for $ 2.56 million with one of his followers.

Mazini is currently serving time in New Jersey and faces up to 20 years in prison if found guilty.

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