Miami Gang Leader Sentenced to Prison for Crypto Scam
Esteban Cabrera Da Corte, a gang leader from Miami, has been given a 63-month prison sentence by a federal court in New York for orchestrating a cryptocurrency scam that defrauded US banks and an undisclosed exchange of over $4 million. The scam involved fraudulent refunds, where criminals used stolen personal data to impersonate others and trick financial institutions into reimbursing them.
US Banks and Crypto Exchange Fooled
An investigation conducted by the US Department of Justice (DOJ) revealed that Cabrera Da Corte, also known as “Esteban Cabrera” and “Steban,” led the scheme from 2020 through March 2020. He and his co-conspirators defrauded US banks and a prominent cryptocurrency exchange platform by purchasing over $4 million in cryptocurrency. They then falsely claimed the transactions were unauthorized, leading the banks and exchange to reverse the transactions and deposit the funds into accounts controlled by the defendants.
To carry out the scheme, Cabrera Da Corte and his associates created accounts with the exchange using counterfeit US passports, forged driver’s licenses, and stolen personal information. These accounts were linked to bank accounts under their control, and they used deposited money to purchase cryptocurrency.
Cryptocurrency Scammers’ Tactics Revealed
The acquired digital assets were quickly transferred to wallets outside the exchange controlled by the defendants. Afterward, they made false telephone claims to the US banks asserting that the cryptocurrency purchases were unauthorized, prompting the banks to reverse the transactions. The operation resulted in fraudulent reversals exceeding $4 million processed by US banks, while the exchange suffered losses totaling over $3.5 million.
In addition to his prison sentence, Cabrera Da Corte has been ordered to pay restitution of $3,578,786.69 and forfeit $1,200,000.
Hot Take: Crypto Market Continues to Grow
The global cryptocurrency market has shown resilience and growth, with a total market capitalization of $1.41 trillion. This represents a 1.09% change in the last 24 hours and a significant 68.45% change compared to one year ago. Bitcoin remains the market leader with a market cap of $748 billion, commanding approximately 49.64% of the total cryptocurrency market.
Featured image from Shutterstock, chart from TradingView.com
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