- $4M Crypto Fraud: Miami gang leader’s elaborate scheme revealed.
- Deceptive Tactics: Stolen identities, fake documents, and fraudulent transactions.
- Legal Consequences: 63-month prison term and hefty restitution for the ringleader.
Esteban Cabrera Da Corte, the mastermind behind a Miami-based cryptocurrency fraud scheme, has been slapped with a 63-month prison sentence by a federal court in New York. The case involved an elaborate plot that deceived US banks and an undisclosed major cryptocurrency exchange, resulting in losses exceeding $7.5 million.
Operating under aliases “Esteban Cabrera” and “Steban,” the 27-year-old orchestrator and his accomplices executed the fraud between 2020 and March 2020. Their modus operandi included exploiting stolen personal data to create fake identities and conduct illicit transactions.
The gang strategically manipulated the cryptocurrency exchange by purchasing over $4 million in digital assets, only to later claim these transactions as unauthorized. This prompted the unsuspecting banks and exchange to reverse the transactions, unknowingly depositing the funds into accounts controlled by Cabrera Da Corte and his co-conspirators.
To establish these accounts, the criminals resorted to using counterfeit US passports, forged driver’s licenses, and pilfered personal information. The accounts, intricately linked to the defendants’ bank accounts, received funds through cash deposits, often facilitated by ATMs.
Swiftly transferring the ill-gotten digital assets to external wallets, controlled by the criminals, further masked their activities. Following these transfers, the gang made deceptive phone claims to the victimized US banks, asserting that the cryptocurrency purchases were unauthorized, compelling the banks to reverse the transactions.
The aftermath of the elaborate scheme revealed losses exceeding $4 million for the defrauded US banks and over $3.5 million for the targeted cryptocurrency exchange. As part of the legal consequences, Cabrera Da Corte has not only been handed a 63-month prison term but also ordered to pay restitution totaling $3,578,786.69. Additionally, he must forfeit $1,200,000 gained through the fraudulent operation.
The crypto community continues to face challenges as criminals evolve their tactics. As authorities crack down on such schemes, it serves as a stark reminder for individuals and financial institutions to remain vigilant in the ever-evolving landscape of digital assets.
Meanwhile, amidst these challenges, the global cryptocurrency market stands resilient. CoinGecko data reveals a market capitalization of $1.41 trillion, indicating a 1.09% change in the last 24 hours and a notable 68.45% increase compared to the market cap one year ago. Bitcoin remains the market leader, boasting a dominant share of approximately 49.64% with a market cap of $748 billion.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.