An Indiana man, Evan Frederick Light, has pleaded guilty to charges related to a major cybercrime involving the theft of over $37 million in crypto from nearly 600 victims.
The 21-year-old Lebanon pleaded guilty on September 30 to conspiracy to commit wire fraud and money laundering.
Light Turned to Crypto Mixers
On October 1, the United States Department of Justice (DOJ) reported that Light illegally accessed an investment firm’s computer systems to obtain customer data. He subsequently exploited the information to steal crypto assets from clients.
Following the report, Light funneled the stolen funds through crypto mixers and online gambling platforms. His primary aim was to obscure his identity and conceal the assets’ origin.
“Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team, and today’s guilty verdicts should serve as a reminder that this Office and its law enforcement partners will bring cyber criminals to justice,” said U.S. Attorney Ramsdell.
Up to 20 Years in Prison
According to the DOJ, Light faces up to 20 years in prison for each count, three years of supervised release, and a $200 special Federal Crime Victims Fund assessment. Restitution may also be included.
Before the now-convicted Indiana man pleaded guilty, he initially pleaded not guilty in South Dakota on June 15, 2023, where he was charged.
The DOJ’s complaint noted that the offenses occurred between 2021 and May 2023, with Light collaborating with at least one other accomplice who remains unidentified.
Alvin M. Winston Sr. of FBI Minneapolis noted that cyber intrusions significantly threaten individuals and organizations. He expressed his commitment to safeguarding the public.
He further stated that the FBI will continue collaborating with its partners to ensure that those who misuse technology for financial gain are brought to justice, regardless of the complexity or scope of operations.
