An individual, Evan Frederick Light, has admitted to being part of a significant cyber heist that resulted in the theft of $37 million in cryptocurrency.
He faces the possibility of up to 20 years imprisonment per charge for crimes including money laundering and conspiracy to commit wire fraud.
This hacker conceded to breaching a company’s computer systems, looting digital currency from approximately 600 victims, and has now pleaded guilty to conspiracy and money laundering offenses.
On October 1, the U.S. Department of Justice revealed that Evan Frederick Light from Indiana had gained unauthorized access to an investment firm’s computer servers to steal customer data.
He used the stolen information to take cryptocurrencies from clients who held digital assets in the company.
Light funneled the stolen funds from the cyber intrusion through crypto mixers and gambling websites to conceal his identity and the money.
After pleading guilty on September 30, Light now faces up to 20 years of imprisonment for each charge.
The authorities charged the now-convicted individual in South Dakota on June 15, 2023, and he initially pleaded not guilty.
The DOJ’s complaint detailed that Light, aided by at least one unknown perpetrator, committed the criminal activities between 2021 and May 2023.
The DOJ emphasized its commitment to apprehending every cybercriminal.
“Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team,” the DOJ said.
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“Today’s guilty verdicts should serve as a reminder that this Office and its law enforcement partners will bring cyber criminals to justice, regardless how sophisticated their crimes may be.”
The FBI Internet Crime Complaint Center revealed that Americans lost $5.6 billion to cryptocurrency fraud in 2023, a 45% increase from 2022.
The FBI registered approximately 69,000 crypto-related complaints in 2023, with people over 60 being some of the most affected.
Investment schemes accounted for more than 70% of cryptocurrency fraud, while call-center fraud and government impersonation scams made up 10%.
