21-Year-Old Hacker Pleads Guilty in $37 Million Cryptocurrency Theft
A 21-year-old Indiana man, Evan Frederick Light, has pleaded guilty to orchestrating a sophisticated cyber intrusion that resulted in the theft of over $37 million in cryptocurrency from nearly 600 victims. Light admitted to charges of conspiracy to commit wire fraud and conspiracy to launder monetary instruments in a South Dakota federal court.
This case, as highlighted by U.S. Attorney Alison J. Ramsdell, “reflects the relentless efforts of the U.S. Attorney’s Office and the FBI in identifying a cybercriminal, holding him accountable, and prioritizing the victims of his crimes.”
According to court documents, Light’s elaborate scheme involved exploiting the identity of a legitimate client to gain unauthorized access to the computer servers of an investment holdings company in Sioux Falls, South Dakota.
“During the cyber intrusion,” the Justice Department stated, “Light accessed the identity of a real client of the investment holdings company and unlawfully utilized that identity to infiltrate the investment holdings company’s computer servers.”
Once inside, Light stole personal identifiable information (PII) of hundreds of clients and used this information to pilfer their cryptocurrency holdings. To cover his tracks, Light funneled the stolen funds through a complex web of transactions, including cryptocurrency mixing services and online gambling websites.
Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis emphasized the severity of these crimes, stating, “Cyber-intrusions pose a serious threat to both individuals and businesses, and we are dedicated to protecting the public from these sophisticated attacks.”
Light’s guilty plea serves as a stark reminder of the growing threat of cybercrime and the dedication of law enforcement agencies to pursue and prosecute those responsible, no matter how complex their schemes. He faces a maximum penalty of 20 years in custody for each count and awaits sentencing.
