Indiana Man Pleads Guilty to $37M Crypto Theft

Evan Frederick Light, a 21-year-old from Lebanon, Indiana, has pleaded guilty to cyber intrusion and crypto theft worth over $37 million from nearly 600 victims.

Light appeared before U.S. Magistrate Judge Veronica Duffy on Monday, where he admitted to charges of conspiracy to commit wire fraud and conspiracy to launder monetary instruments, according to a statement from the U.S. Attorney’s Office for the District of South Dakota.

The court documents said that Light was involved in a cyber intrusion in February 2022, targeting an investment holdings company in Sioux Falls, South Dakota. During the cyber intrusion, he accessed the personal identifiable information (PII) of hundreds of clients, which enabled him to steal cryptocurrency from various victims. Light and one or more unidentified accomplices used the stolen PII to infiltrate the company’s computer servers and exfiltrate data.

The stolen cryptocurrency was funneled to various locations. “The stolen cryptocurrency, under Light’s control, was then funneled to various locations throughout the world, including multiple mixing services and gambling websites to conceal his identity and to hide the virtual currency,” stated the U.S. Attorney’s Office.

FBI Investigation and Arrest on the Crypto Theft

The FBI conducted the investigation that led to Light’s arrest. “This case underscores the FBI’s unwavering commitment to identifying and bringing cybercriminals to justice,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. He emphasized that cyber intrusions pose a serious threat to individuals and businesses alike, adding, “The FBI said it will continue to work alongside our partners to ensure that those who exploit technology for financial gain are held accountable.”

U.S. Attorney Alison J. Ramsdell also commented on the case, stating, “These convictions reflect 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.”

Light faces a maximum penalty of up to 20 years in custody for each count, as well as a fine and three years of supervised release. He could also be ordered to pay restitution. A pre-sentence investigation has been ordered, and Light remains in the custody of the U.S. Marshals Service pending his sentencing. Assistant U.S. Attorney Jeremy R. Jehangiri is prosecuting the case.

Lawrence does not hold any crypto asset. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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