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An Instagram developer, Jebara Igbara, known as “Jay Manzini,” has pleaded guilty to luring investors into a multi-million dollar Ponzi scheme. Authorities say he defrauded his followers and lost nearly $8 million in the scam.
According to the Justice Department report, Igbara asked his followers to release him Bitcoin (CRYPTO: BTC) worth $2.5 million. He assured them that he would pay the premium for those transactions.
Officials say Igbara tried to extort money from people in New York’s Muslim community.
He promised to pay his fans a fair amount of Bitcoin, which the fans sent to his wallet. In addition, it provides fake mobile transfer images.
Also Read: This Billionaire Says There Is One Thing That Makes Bitcoin Better Than Gold: Here’s The Thing
“With today’s plea, the fraudster has admitted to using his Instagram fame to prey on innocent investors and steal $8 million of their hard-earned money. Together with our federal partners, This Department is committed to bringing the perpetrators to justice,” the Justice Department said.
According to authorities, Igbara ran the Bitcoin Ponzi scheme by posting on his Instagram page that he was trying to sell a lot of BTC, which popular cryptocurrency trading firms would not accept. and him.
He has pleaded guilty to money laundering charges and faces 20 years in state prison.
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