Cryptocurrency

SCAM

<ul><li>$4M Crypto Fraud: Miami gang leader’s elaborate scheme revealed.</li><li>Deceptive Tactics: Stolen identities, fake documents, and fraudulent transactions.</li><li>Legal Consequences: 63-month prison term and hefty restitution for the ringleader.</li></ul>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 <a href="https://www.justice.gov/usao-sdny/pr/leader-miami-crew-sentenced-63-months-prison-defrauding-banks-and-cryptocurrency" rel="noopener noreferrer nofollow">aliases</a> “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.Read Also: <a href="https://cryptosnewss.com/november-marks-unprecedented-losses-in-crypto-sphere-as-hacks-soar/" rel="noopener noreferrer nofollow">November Marks Unprecedented Losses in Crypto Sphere as Hacks Soar</a>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._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.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.Originally published at <a href="https://cryptosnewss.com/cryptocurrency-scam-kingpin-behind-bars-miami-gang-leader-faces-63-month-term/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a> on December 2, 2023.

Cryptocurrency Scam Kingpin Behind Bars: Miami Gang Leader Faces 63-Month Term

Cryptos Newss

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