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Miami Crew Leader Sentenced to 63 Months in Prison for Crypto Fraud
In April, Esteban Cabrera Da Corte pleaded guilty to participating in a crypto scheme that defrauded U.S. banks of $4 million.
Updated Mar 8, 2024, 5:49 p.m. Published Nov 30, 2023, 12:13 p.m.
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The leader of a Miami group accused of running a crypto scam that defrauded U.S. banks of $4 million was handed a 63-month prison sentence by a New York district judge on Wednesday.
Esteban Cabrera Da Corte in April pleaded guilty to participating in the 2020 scheme to steal millions of dollars worth of crypto and trick U.S. banks into refunding them. The 27-year-old Miami resident was also ordered to pay restitution of nearly $3.6 million and forfeiture of $1.2 million.
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Da Corte was one of three people arrested in August 2022 for the crime, which the prosecutors said "resulted in U.S. banks processing more than $4 million in fraudulent reversals and [a cryptocurrency exchange] losing more than $3.5 million worth of cryptocurrency."
The arrests made headlines as they followed the high-profile collapse of crypto enterprise Terra, after which U.S. lawmakers called for a crackdown on bad actors in the space.
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Crypto group counters Wall Street bankers with its own stablecoin principles for bill
After the bankers shared a document at the White House demanding a total ban on stablecoin yield, the crypto side answers that it needs some stablecoin rewards.
What to know:
- The U.S. Senate's crypto market structure bill has been waylaid by a dispute over something that's not related to market structure: yield on stablecoins.
- The Digital Chamber is offering a response to a position paper circulated earlier this week by bankers who oppose stablecoin yield.
- The crypto group's own principles documents argues that certain rewards are needed on stablecoin acvitity, but that the industry doesn't need to pursue products that directly threaten bank deposits business.
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