A 21-year-old man from Lebanon, Indiana has admitted to masterminding a major cryptocurrency heist, stealing more than $37 million from nearly 600 victims worldwide.
Evan Frederick Light appeared before US Magistrate Judge Veronica Duffy on September 30, 2024, where he pleaded guilty to conspiracy to commit wire fraud and conspiracy to launder monetary instruments.
The Cyber Heist
The cyber intrusion targeted an investment holding company in Sioux Falls, South Dakota. According to court documents, Light and his unidentified accomplices accessed the company’s computer servers in February 2022 by posing as a legitimate customer.
Once inside, it misappropriated the personally identifiable information (PII) of hundreds of customers and used it to steal the cryptocurrency holdings of nearly 600 victims in South Dakota and around the world. Reported losses amount to about $37 million.
Light then laundered the digital assets through various channels to conceal his identity and evade law enforcement. These include using cryptocurrency mixing services and online gambling platforms to hide the origins of stolen assets.
“These convictions reflect the relentless efforts of the US Attorney’s Office and the FBI to identify a cybercriminal, hold him accountable and prioritize the victims of his crimes,” said US Attorney Alison J. Ramsdell.
He added that law enforcement was able to reach him despite the accused’s attempts to operate in the shadows of the cyber underworld.
Charges and penalties
The defendant pleaded guilty to two felony charges: conspiracy to commit wire fraud and conspiracy to launder monetary instruments. Each count carries a maximum sentence of 20 years in federal custody, a fine, three years of supervised release and restitution.
A presentence investigation has been ordered and a sentencing date has not yet been set. Light was taken into custody by the United States Marshals Service pending sentencing. Assistant United States Attorney Jeremy R. Jehangiri is prosecuting the case.
Special Agent in Charge Alvin M. Winston Sr. of the FBI Minneapolis, emphasized the FBI’s strong commitment to pursuing cybercriminals, highlighting the serious threat cyber intrusions pose to both individuals and businesses.
He stated that the agency, in collaboration with its partners, remains dedicated to ensuring that those who exploit technology for financial gain are held accountable, regardless of the complexity or scope of their schemes.
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