Miami Fraudster Sentenced to Over Five Years in Prison for Crypto Scheme
A Miami resident has been sentenced to 63 months in prison for orchestrating a scheme that defrauded banks and involved stealing millions of dollars worth of crypto assets and cash. Esteban Cabrera Da Corte and his crew used fake identities to purchase $4 million worth of virtual currencies from an unnamed crypto exchange. They then falsely claimed to the banks that the purchases were unauthorized. Da Corte deceived both the banks and the crypto exchange by tricking them into reversing the transactions and depositing money into accounts controlled by his team. The criminals withdrew the money but kept the virtual currencies they acquired.
The Scheme
Da Corte and his co-conspirators created accounts with the crypto exchange using fake US passports, driver’s licenses, and stolen personal information. These accounts were linked to bank accounts controlled by the criminals. They used cash deposits made through ATMs to purchase cryptocurrency, which was then quickly transferred to other wallets outside of the exchange. The criminals then called US banks and falsely claimed that the cryptocurrency purchases were unauthorized, leading the banks to reverse the transactions.
Sentencing and Restitution
In April, Da Corte pleaded guilty to the charges. In addition to his prison sentence, he has been ordered to pay about $3.58 million in restitution and forfeit $1.2 million.
Hot Take: Miami Fraudster’s Crypto Scheme Lands Him Behind Bars
A Miami resident has been sentenced to over five years in prison for masterminding a scheme that defrauded banks and involved stealing millions of dollars worth of crypto assets and cash. By using fake identities, Esteban Cabrera Da Corte and his crew purchased virtual currencies from a crypto exchange and then falsely claimed the purchases were unauthorized to banks. Da Corte successfully deceived both the banks and the exchange, causing them to reverse the transactions and deposit money into accounts controlled by his team. This case highlights the need for heightened security measures in the crypto industry to prevent such fraudulent activities.
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