Leader of Crypto Fraud Network Sentenced to 63 Months in Prison

Esteban Cabrera Da Corte, defrauding ABD banks of millions of dollars, has been sentenced to 63 months in prison and fined millions of dollars by the court.

The leader of Miami’s cryptocurrency fraud network, Esteban Cabrera Da Corte, had previously admitted guilt in April for his involvement in a crypto scheme defrauding US banks of $4 million. Esteban Cabrera Da Corte, who has been in custody for an extended period, has now been sentenced to 63 months in prison by a New York district judge, according to the announced decision today.

Received a Million-Dollar Fine!

In addition to the prison sentence, Corte has been ordered to pay approximately $4.8 million in restitution.

According to the court, Da Corte’s Miami group, under his leadership, successfully executed the cryptocurrency fraud operation and seized a total of $4 million from US banks. The network, which engaged in sophisticated attacks against banks, persuaded its victims to engage in transactions worth millions of dollars.

The Court Imposed a Deterrent Punishment

In the recent decision, the New York district judge emphasized the need for a deterrent punishment for individuals involved in cryptocurrency fraud, taking into consideration the negative impact of Da Corte’s crimes on society.

Source: CoinDesk

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