A social media influencer known as Jay Mazini, with over 1 million followers, offered to buy BTC from his followers on Instagram and Twitter at approximately 10% over the prevailing market rate during January and February 2021.
Incredibly, some people took him seriously and sent their crypto holdings to him. One individual who sent 50 BTC expecting over $2.5mm in cash received just $500k. Mazini faced a 20-year jail sentence for the scheme.
No matter how large someone's social media following, never send crypto to someone promising to return more than they receive.
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