Social media influencer Jabara Igbara, also known as Jay Mazini, has been sentenced to seven years in prison for defrauding over $8 million from Muslims in a cryptocurrency scam. United States District Judge Frederic Block found Igbara guilty of money laundering and wire fraud through his Instagram and other social media accounts as Jay Mazini.

Igbara posed as a wealthy crypto investor online to lure victims into investing in his fraudulent schemes. He targeted the New York Muslim community, convincing them to invest in his fake venture, Halal-Capital LLC, with promises of high returns and falsified bank transfers as proof of payments for digital assets.

Following his conviction, Igbara has been ordered to forfeit $10 million in addition to serving a 7-year prison sentence.

This case highlights the ongoing efforts to combat cryptocurrency fraud globally. FTX Founder Sam Bankman-Fried was recently sentenced to 25 years for defrauding customers of billions in cash and crypto. Meanwhile, Google has filed a lawsuit against crypto scammers using fake apps to steal funds from investors, affecting more than 100,000 users worldwide.

In Asia, authorities in India and South Korea are cracking down on individuals behind various crypto fraud schemes. The Enforcement Directorate in India has disclosed a charge sheet involving over 299 entities under investigation. In South Korea, police arrested two fraudsters accused of stealing $4.1 million from an elderly citizen through fake crypto investment schemes.

Despite the significant losses to crypto criminals, TRM Labs reported a 9% decrease in illicit virtual currency transactions last year, from $49.5 billion in 2022 to $34.8 billion in 2023.

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