According to BlockBeats news on November 30, Esteban Cabrera Da Corte, the leader of a fraud ring based in Miami, Florida, has been sentenced to 63 months in prison by U.S. District Judge Katherine Polk Failla. The sentencing was announced by Damian Williams, the U.S. Attorney for the Southern District of New York.
Cabrera Da Corte was charged with engineering a fraud scheme that deceived U.S. banks and cryptocurrency trading platforms out of millions of dollars. The scheme involved using forged and stolen identity information to purchase more than $4 million in cryptocurrency on a major crypto exchange starting in 2020, then falsely claiming the transactions were unauthorized. The trading platform reversed the trades and redeposited the funds into bank accounts controlled by the convicted individuals.
In addition to serving prison time, Cabrera Da Corte has been ordered to pay $3.57 million in restitution and a $1.2 million penalty. These developments underscore the commitment of law enforcement agencies to maintain trust and security within the cryptocurrency sector.