If you’ve been following the PlasBit articles about crypto scams, you likely already know all about the exploitability of the crypto industry for ill-gotten gain. When you throw in the so-called crypto influencers into the mix, suddenly, the scam possibilities become even greater. In the last several years, due to the ever-present social media, the number of crypto influencers has exploded. They started popping up left and right on platforms such as YouTube, X, Instagram, TikTok, and so on. While there are legitimate guys and gals who know about crypto and share useful information, unfortunately, there are a good deal of those who promote shady stuff or scams disguised as tips and tricks. We’re talking about pump-and-dump schemes, rug pulls, fake giveaways, referral frauds, and a lot of other bad stuff. Basically, they’re abusing the nature of crypto, its irreversible transactions, anonymity, and the fact that it’s still relatively new to the general public. As such, scammers of all kinds use it as a tool to fool users and profit from illegal activities. This brings us to this article’s story and the question of who is Jay Mazini crypto? Jay Mazini, real name Jebara Igbara, was an Instagram influencer sentenced in April 2024 to seven years in US prison for wire fraud, conspiracy, and money laundering, and was ordered to forfeit $10 million for scamming people through fake crypto transactions in P2P marketplaces, where he posed as a buyer offering above-market prices for Bitcoin, sent fake wire transfer confirmations, and kept the crypto without paying. He also operated a Ponzi scheme through Halal Capital LLC, luring investors with fake promises of high returns while pretending to invest in the stock market.
How Jay Started His Path to Scam(dom)
The next section contains information from several platforms, including some from Jay’s videos, so there might be some exaggerations considering how he ended up. That said, Mazini’s scamming tale began in the Bronx (much like in De Niro’s coming-of-age crime movie) when he was 14 years old, hustling the streets and selling anything from cologne to electronics. By 16 or 17, he pivoted from the streets to wholesale supply to delis and grocery stores, using a taxi driver with a truck to deliver goods around New York. According to Mazini, he was making $2,000 to $2,500 a week by this time already, as he was reinvesting profits and expanding his operations. When he was 17, he met a broker who encouraged him to read about stocks, and somehow he put nearly $30,000 into penny stocks, which eventually netted him around $70,000 profit on one trade. Then, he launched J Electronics, selling phones and gadgets wholesale, and partnered with rapper Dave East to create the Mazini clothing brand when he was about twenty. All of this buzz helped later on when he started his influencer career, as the years spent wheelin’ and dealin’ gave him credibility. He used the hype around him to start a social media following, which eventually grew to nearly one million followers.
His entire and ever-shifting crypto fraud operation started during the COVID-19 pandemic, starting the whole who is Jay Mazini crypto thing. We assume he got bored during the lockdown and thought about a way to swindle people out of their riches. During those dreaded times, Mazini used his connections in the Muslim community to further his scheme. Namely, he started to gather investments for his company Halal Capital LLC, promising (falsely) high returns from stock trading, in addition to the resale of electronics and personal protective equipment. He founded the company in October 2019, with a goal to share his “expertise” with the members of his Muslim community. Mazini often posted about religion and Islam, posing himself as a religious man and a devout Muslim. Even the name of his company contained the word ‘Halal’, which means lawful or permissible in Islamic law. As such, he specifically targeted the Muslim community in New York, playing on their trust in him. Mazini started posting videos on his Instagram, showing off how supposedly wealthy he is, by giving away a lot of money to various individuals, from shoppers in grocery stores to fast food restaurant workers. Then came the solicitation of money from his followers for the already mentioned fake investments. It was reported he obtained around $8 million this way, and instead of the promised investments, he used that money to buy expensive cars (as most of these a-holes do), jewelry, and even pay off his gambling debts. These purchases likely played a role in boosting his supposedly wealthy aura and cemented how successful he was. In essence, it was all one big Ponzi scheme, but Mazini didn’t stop there.
Mazini in one of his videos sharing “wisdom” (and having a bad hair day, apparently)
In order to pay his promised returns and keep his followers from doubting him, Mazini designed another scheme, where he advertised on Instagram and other social media platforms that he was going to pay for various cryptocurrencies at a rate that was more than the market prices at the time. It’s unclear why anyone agreed on this, but it’s possible Mazini convinced some of his followers that it’s better to sell to him than to someone else, especially since they were promised a higher yield. Then again, he may have been just showing off, which would be in his character. He then manipulated and fabricated images of wire transfer confirmations, which he would then send to his victims as “proof” that he did what he promised to do. In reality, the victims never received their money, or in other words, Mazini was stealing cryptocurrency from the unfortunate users who fell for his ploy and guarantees. According to court documents, at least four people said that they’ve sent over $100,000 in Bitcoin to him on the pretense that they’ll receive a cash wire transfer. Another victim said that they were scammed out of 50 Bitcoin, and that Mazini faked a $2.56 million wire transfer. Fortunately, the so-called “entrepreneur” eventually got what was coming to him, which we’ll cover in a bit.
The Truth Behind Mazini’s Fake Giveaways
When one brags without actual substance or shows a lot of giveaways that aren’t real, it tends to come back at you and bite you in the ass, which Mazini found out the hard way. People slowly started to unravel who is Jay Mazini crypto really, noticing that some of the things he was saying just didn't add up. For starters, he promised huge cash rewards, going from $10,000 to $125,000, eligible for anyone who bought multiple products or enrolled in his academy. The “academy” we’re referring to is an online one that he so graciously opened to teach his users trading because he was such a “master” at it. He used schemes like “for the next 1,000 orders, I’ll put $12,000 in each one, and the minimum order is 6 products” or “enroll in my academy and I’ll give $30,000 to each of the first 100 people”. Interestingly enough, and he likely didn’t know this, but this was in violation of the FTC (Federal Trade Commission), where it’s explicitly stated that legitimate sweepstakes can’t require a purchase to win. In other words, what Mazini was doing was illegal as his giveaways violated the FTC’s rules directly. That aside, his numbers also didn’t add up, and people began to notice something fishy was going on. For instance, his most expensive item was $85, and even if someone bought, let’s say, a required order of 9, that would only be $765. Yet, in some cases, Mazini promised crazy digits like $40,000 and more per order in his social media posts. Over time, he vowed over $100 million in giveaways while probably generating less than $7 million in total sales.
As such, many buyers never received any of the promised cash or whatever else was suggested. Heck, even those who had video proof of being told they won received a big fat zero. Of course, Mazini had excuses for this, and when confronted, he shifted blame to the postal service (arguably his most believable lie), saying UPS or USPS stole the cash from packages. He also claimed he doesn’t owe people anything because they got products, and accused his critics of being selfish and lazy. After some time, PayPal banned him due to massive chargebacks and refund disputes, but Mazini didn’t want to call it a day yet. Soon after, he was caught trying to buy a new business PayPal account that would allow him to keep processing payments. All of this was highly illegitimate under US law, which he was breaking in multiple instances (apart from scamming people, that is). As we mentioned, prize draws that require payment are practically an unlawful lottery, plus false advertising to induce purchases counts as wire fraud and deceptive business practice. Mazini was guilty of everything listed, besides committing fraud by not delivering the promised winnings or investments.
What was Jay Mazini's sentence?
Ultimately, Mazini was caught for his fraudulent and law-breaking actions and was brought to justice. But what was Jay Mazini’s sentence? He was sentenced to 84 months (7 years) in prison for wire fraud, wire fraud conspiracy, and money laundering, served concurrently with a separate 5-year sentence for kidnapping. He was also ordered to pay $10 million to his victims, with the exact restitution to be determined later. And yes, you read that kidnapping part right, since the guy also got a sentence for it (as if all the scamming wasn’t enough), which we didn’t mention up to this point. It’s not related to the crypto scam, but is actually the first reason Mazini was arrested. In fact, it’s way worse than that, since the full charge was for kidnapping of a man who criticized him, aggravated assault, luring or enticing of an adult, possession of a weapon for unlawful purpose, criminal coercion with threat of bodily injury, endangering an injured victim, terroristic threats or threats of violence. It’s like he opted for the full, deluxe package while at it. He was arrested in March 2021, but it was not over for Mazini as the FBI got involved and started to look into the reports of his fraudulent activities. The agents from the Bureau found his scheme to solicit his followers to sell him Bitcoin particularly interesting. The FBI found loads of evidence against Mazini, mainly because victims came out to speak up against him and provided a bunch of evidence of his wrongdoings. They supplied the FBI with transaction records, their messages with Mazini, as well as banking and crypto transfer details. The FBI then formally made a court case and filed a complaint that documents how Mazini orchestrated the Bitcoin fraud from January 2021. In the end, he pleaded guilty to the charges in November 2022, and is currently doing his well-deserved time.
Jebara Igbara ‘Jay Mazini’ looking good in orange (Image credit: instagram.com)
Who is Jay Mazini's wife?
Yet another surprise, our violent scammer had a significant other too, who, not surprisingly, was involved in Mazini’s wrongdoings. So, who is Jay Mazini's wife? It is Joumana M. Danoun from New Jersey, who was charged in July 2021 with multiple offenses, including first-degree kidnapping, conspiracy to commit kidnapping, witness tampering, and bribery, after allegedly abducting and intimidating a man who criticized her husband online. Danoun was also accused of attempting to bribe the victim to drop the charges and gathering personal information about the judge and prosecutors involved in the case.
Fame, Fraud, and the Dark Side of Influencers
When all is said and done, considering the scale of his social media presence and the number of his followers, Mazini’s crypto scam is one of the largest when it comes to social media. In the world of showbiz, it didn’t take long for the question of who is Jay Mazini crypto to become some sort of object of fascination. Surprisingly or not, there was a documentary show on Hulu made on this very topic, exploring the dark side of influencer culture. Titled ‘The Age of Influence’, the second episode is specifically focused on Mazini and his many crimes. Interestingly enough, Mazini’s episode is by far the highest rated one on IMDB, with a score of 7.6, showing that, at the end of the day, people were interested in him and his story. The show has six episodes, which highlight the increasing number of influencer scammers, not necessarily related to the crypto industry. Con artists aren’t anything new, but in today’s technology-led environment, where practically any idiot on social media can have a voice and reach millions, they can thrive. Platforms like Instagram, TikTok, and YouTube enable influencers to cultivate one-sided relationships with millions, and that’s a fact. While most are just using that for their own personal gain within the law, some are just outright malicious and will go to great lengths to exploit their “celebrity” status and scam people.
The cover of Hulu’s show (Image credit: imdb.com)
If you ask us, these platforms are also at fault, since their algorithms usually favor flashy and aspirational content that makes fraudsters look more legitimate than they are. Plus, social media rewards engagement, and what better way to get it than by being controversial or flashy. The whole point of social media platforms is to keep the users watching, and not to check the credibility of the content. Then, generally speaking, it’s in human nature to trust the people we see every day, as we’re practically wired to do so. A lot of us, for one reason or the other, connect on some level with the influencers as if they're friends, and a swindler will take full advantage of that. Some people with certain issues in their lives tend to seek authority figures to show them how to solve their problems, which is why they are ready to trust influencers with "proof" of a solution. Many victims-to-be are also searching for financial security, be it side hustles, investing opportunities, or ways out of debt, and this gives a perfect opportunity for scammers to capitalize on. In addition, there’s the lack of protection, as recovering funds is very difficult, especially in the crypto world. Mazini might be the perfect example, since as much as he scammed, who knows if he’d be caught if he didn’t commit a kidnapping and other violent acts, or if the online community didn’t band together to expose him.
Jay Mazini 50 Cent Surprises a Burger King Employee with a Viral Giveaway
Reading the above headline might be a bit confusing, since what could a popular rapper possibly have to do with the story? The good news is that it’s not related to the scam, but there is a correlation between the two individuals. That said, Jay Mazini 50 Cent refer to a day when he gave away over $30,000 in cash tips to surprised Burger King employees in Queens, New York during the COVID-19 pandemic in 2020. This viral video was part of Mazini’s strategy to gain followers and viewers through cash giveaways.
Think Twice Before You Trust an Influencer (or Anyone Online)
Since we’ve already discussed Mazini’s case in detail, the PlasBit team feels it prudent to mention some tips on how to prevent you and the rest of our readers from falling into a fraudster’s trap.
- For starters, don’t assume someone’s credibility because of fame or the number of followers. Scammers often use social proof such as tens or hundreds of thousands of followers, blue check marks, or endorsements to appear legitimate, so exercise your best judgment and do your best not to fall for their tricks. Then, there’s also the abundance of materialistic stuff social media scammers buy (or at least pretend to have) just to show off and fool their audience. This can range from expensive items and cars to even big houses. To be better prepared, try to cross-check claims through independent sources, official websites, or even financial and legal databases.
- This goes without saying, but never ever send your crypto (or any kind of money) to strangers online. It doesn’t matter if it’s a well-known figure (again, remember the credibility part), if anyone asks you to send crypto or cash with the promise of a wire transfer, just decline and walk away.
- Don’t let yourself be manipulated, either emotionally or on any other level. People like Mazini often play on the empathy card, and if someone at some point starts talking about charity, religion, and similar, mark that as a red flag.
- Never let yourself be rushed into any sort of action when it comes to finances, crypto or otherwise. Scammers always use urgency as their advantage and will bombard users with slogans like ‘act now or miss out’ simply to pressure potential victims.
- If you are doing any transactions, make sure you document everything, from messages and transactions to usernames. Screenshot whatever you can, save emails, payment records, and anything else that could help you fight back if the worst ever takes place.
As much as they can be a toxic cesspool sometimes, you can also turn to Reddit and X. The communities there can be rather useful in helping flag scammers early on. If you’re not sure about someone, a good idea is to search their name on Google or on the mentioned platforms, as chances are, someone might have posted something already.
Influencers and crypto, not a good mix
The PlasBit team is saddened to hear about the many people who got fooled in yet another crypto scam story. Still, justice has been done in the end, the matter of who is Jay Mazini crypto was settled, the perpetrator will have to pay back what he owes to the victims, in addition to serving jail time. However, Mazini’s scheme and initial success shine a light on the current problem in these modern times we live in, where influencers just have way too much power and sway. Not to mention, it’s possible to fake wealth and business achievements, which makes this problem even bigger. It’s a sad state of affairs when they use their influence to scam people for their own gain, especially when crypto is involved. As you may know, cryptocurrency transactions are anonymous and irreversible, so they’re practically a gold mine for all kinds of illegal stuff. Additionally, it gives the crypto industry a bad name, which will just make its mainstream adoption harder to implement. Stories like these overshadow the good uses cryptocurrency has, such as cheaper and faster money transfers, without going into the ideology of it. At least, in this case, the criminal has been caught and punished, but it also shows that a fair share of people online can’t be trusted. Be vigilant, do your research, and don’t blindly follow or trust anyone.
