Miami Crew Chief Gets 63 Months Jail Time for Crypto Scam

• Head of Miami-Based Group Convicted in Crypto Scam
• Guilty Plea and Restitution Order
• Significant Arrests in the Crypto Fraud Case
• Aftermath of Terra's Collapse

Head of Miami-Based Group Convicted in Crypto Scam

The chief of a Miami group, who was involved in a cryptocurrency scam leading to a loss of $4 million from U.S. banks, has been sentenced to a prison term of 63 months by a district judge in New York this past Wednesday.

Guilty Plea and Restitution Order

27-year-old Esteban Cabrera Da Corte in April admitted his role in the 2020 scheme to defraud millions in cryptocurrency and manipulate U.S. banks into granting refunds. Along with his prison term, the Miami resident has been mandated to make a restitution payment of almost $3.6 million and a forfeiture of $1.2 million.

Significant Arrests in the Crypto Fraud Case

Da Corte was among the three individuals apprehended in August 2022 for this fraudulent scheme. This scam, according to the prosecution, resulted in US banks processing upwards of $4 million in deceptive reversals and a cryptocurrency exchange incurring the loss of more than $3.5 million in cryptocurrency value.

Aftermath of Terra's Collapse

These arrests drew considerable attention, coming in the wake of the high-profile collapse of crypto enterprise Terra. This event sparked a call from U.S. lawmakers for stronger measures against the malign elements in the crypto space.

Edited by Jonathan Stoker