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Miami Trio Charged With Defrauding Banks and Crypto Exchange of Over $4M
The DOJ has been cracking down on crypto-related scams as lawmakers become more vocal about illicit activity in the space.
Updated May 11, 2023, 4:33 p.m. Published Aug 23, 2022, 5:28 p.m.
The U.S. Department of Justice (DOJ) has charged three members of a Miami crew in a cryptocurrency-related scheme that allegedly netted more than $4 million.
Authorities arrested Esteban Cabrera Da Corte, Luis Hernandez Gonzalez and Asdrubal Ramirez Meza on Tuesday, alleging the group used stolen identities to purchase millions of dollars worth of cryptocurrencies on a “Cryptocurrency Exchange” in 2020. The purchases were funded with bank transfers; after buying the crypto, the men disputed the transactions with the banks, tricking them into reversing the transfers and redepositing the money into accounts controlled by the crime ring.
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The arrests come as pressure from lawmakers intensifies for a crackdown on bad actors in cryptocurrency spaces. In March, President Joe Biden signed an executive order calling upon government agencies to make greater overtures to combat illicit activities occurring throughout the crypto industry and to shut down scams.
Read More: DOJ to Sell $56M in Crypto Proceeds From BitConnect Fraud Scam
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