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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.
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.
STORY CONTINUES BELOW
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
Elizabeth Napolitano
Elizabeth Napolitano was a data journalist at CoinDesk, where she reported on topics such as decentralized finance, centralized cryptocurrency exchanges, altcoins, and Web3. She has covered technology and business for NBC News and CBS News. In 2022, she received an ACP national award for breaking news reporting.
