Instagram influencer Jegara Igbara, also known as Jay Mazini, has been sentenced to 7 years in prison by a US judge for cryptocurrency-related fraud. He is also required to forfeit $10 million in funds. Igbara carried out multiple fraudulent schemes, defrauding investors of at least $8 million, including a Ponzi scheme targeting Muslims through his company, Halal-Capital LLC. He would post cryptocurrency prices on his Instagram account and other social media platforms that were higher than the market price, and send manipulated wire transfer confirmation images, implying that the payment had been made when, in reality, it had not.

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<p>According to CoinDesk, a US judge has sentenced social media influencer Jegara Igbara (also known as Jay Mazini) to 7 years in prison on charges of wire fraud and money laundering, and ordered the confiscation of his $10 million funds.</p>
<p>The US Attorney's Office stated on Wednesday that the 28-year-old Igbara carried out multiple fraudulent schemes, defrauding investors of at least $8 million. He pleaded guilty to these charges in November 2022. The Attorney's Office stated that Igbara conducted a Ponzi scheme targeting Muslims through his company, Halal-Capital LLC. He posted cryptocurrency prices higher than the market value on his Instagram account and other social media platforms, and sent manipulated wire transfer confirmation images, implying that he had made the transfer when in reality he had not.</p>
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Instagram influencer Jay Mazini was sentenced to 7 years in prison for cryptocurrency fraud.