Indiana Man Admits to $37M Cryptocurrency Theft from 600 Victims

A 21-year-old individual from Lebanon, Indiana, has confessed to masterminding a significant cryptocurrency heist, extracting more than $37 million from close to 600 victims globally.

Evan Frederick Light appeared in front of U.S. Magistrate Judge Veronica Duffy on September 30, 2024, where he entered a guilty plea for Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments.

The Cyber Heist

The cyber attack targeted an investment holdings firm in Sioux Falls, South Dakota. As indicated by court documents, Light and his unnamed co-conspirators gained access to the company’s computer servers in February 2022 by posing as a legitimate client.

Upon gaining entry, he unlawfully obtained personally identifiable information (PII) from hundreds of clients, which he then exploited to steal cryptocurrency assets from nearly 600 victims in South Dakota and around the globe. The estimated losses total about $37 million.

Light subsequently laundered the digital currencies through numerous channels to obscure his identity and avoid detection by law enforcement. This included utilizing cryptocurrency mixing services and online gambling sites to disguise the source of the stolen funds.

“These convictions signify the unwavering dedication of the U.S. Attorney’s Office and the FBI in tracking down a cybercriminal, ensuring accountability, and placing a priority on the victims of his offenses,” stated U.S. Attorney Alison J. Ramsdell.

She noted that law enforcement was able to locate him despite the defendant’s efforts to operate within the shadows of the cyber underworld.

Charges and Penalties

The defendant has pled guilty to two felony offenses: Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments. Each charge carries a maximum penalty of 20 years in federal prison, fines, three years of supervised release, and restitution.

A presentence investigation has been requested, and a sentencing date is yet to be determined. Light was arrested by the U.S. Marshals Service as he awaits sentencing. Assistant U.S. Attorney Jeremy R. Jehangiri is managing the prosecution of this case.

FBI Minneapolis Special Agent in Charge Alvin M. Winston Sr. stressed the FBI’s steadfast commitment to tackling cyber criminals, underscoring the significant risk that cyber intrusions pose to both individuals and organizations.

He asserted that the agency, in partnership with others, remains devoted to ensuring those who misuse technology for monetary advantage are held accountable, regardless of the intricacy or scale of their operations.