A New York district judge sentenced the leader of a Miami group responsible for a $4 million crypto scam to 63 months in prison on Wednesday. Esteban Cabrera Da Corte pleaded guilty in April to participating in the 2020 scheme to steal millions of dollars in cryptocurrency and deceive U.S. banks into refunding the stolen funds. The 27-year-old Miami resident was also ordered to pay restitution of nearly $3.6 million and forfeit $1.2 million.
Da Corte was one of three individuals arrested in August 2022 for the crime, which prosecutors allege “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 garnered significant attention, coming soon after the high-profile collapse of crypto enterprise Terra, which prompted U.S. lawmakers to demand stricter measures against illicit activities in the cryptocurrency industry.