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US crypto fraudster sentenced to 5 years in prison

Federal Court for the Southern District of New York sentenced the head of a criminal group from Miami to five years in prison for organizing a scheme to steal cryptocurrency.

Esteban Cabrera Da Corte and his two accomplices in 2020 developed a multi-level plan to illegally acquire digital assets.

They opened accounts on a cryptocurrency exchange using fake documents. At the same time, the accounts were associated with bank details that were controlled by the attackers.

After this, the group used cash to top up their accounts and purchase cryptocurrency through the exchange. Next, the criminals quickly transferred assets to wallets outside the platform, diversifying them.

The next step was calls to financial institutions, during which Esteban and his accomplices stated that the cryptocurrency purchase transactions were unauthorized. For this reason, banks canceled transactions and returned money spent on cryptoassets to the accounts of the attackers.

In total, the institutions processed more than $4 million in refund requests. According to the press release, the unnamed cryptocurrency exchange suffered losses of $3.5 million.

Esteban Cabrera Da Corte, 27, was sentenced to 63 months in prison. In addition, Judge Katherine Polk Failla ordered the fraudster to repay $3,578,786 and ordered the forfeiture of $1,200,000.

Source: Cryptocurrency

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