Miami man pleads guilty to crypto-related bank fraud

A crew leader from Miami who was charged by the U.S. Department of Justice for using cryptocurrency-related schemes to defraud banks has pleaded guilty to one count of conspiracy to commit wire fraud.

The Details:

Esteban Cabrera Da Corte was one of three people arrested in relation to the crime. He was caught up in a complicated plot that saw U.S. banks defrauded of over $4 million in false reversals on transactions. The conspiracy involved stealing personal identifying information from other people and tricking U.S. banks into refunding the funds from the cryptocurrency. The scheme caused a cryptocurrency exchange to lose digital assets worth around $3.5 million.

The Impact:

This is yet another case that shows once again the vulnerability of cryptocurrency, particularly when it comes to nefarious activities. One concerning factor is the exploitation of personal identifying information stolen from individuals. On a positive note, in catching an individual involved in such a scheme, authorities will, hopefully, be able to get a better idea of the groups targeting the system.

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[h/t Sandali Handagama]