Indiana man pleads guilty to $37M cryptocurrency theft

A 21-year-old Indiana resident, Evan Frederick Light, has pleaded guilty to charges related to a cryptocurrency theft scheme that resulted in the loss of over $37 million from nearly 600 victims worldwide.

Light appeared before U.S. Magistrate Judge Veronica Duffy on September 30, 2024, and admitted to Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments.

The scheme targeted an investment holdings company in Sioux Falls, South Dakota.

Court documents reveal that Light and his unidentified accomplices gained unauthorised access to the company’s servers in February 2022 by impersonating a legitimate client.

They stole the personal information of hundreds of clients and used it to misappropriate cryptocurrency holdings.

Victims spanned from South Dakota to various parts of the world.

To conceal his identity, Light laundered the stolen digital assets through multiple channels, including cryptocurrency mixing services and online gambling platforms.

This effort to evade law enforcement was unsuccessful, as authorities were able to trace the transactions.

“These convictions reflect the relentless efforts of the U.S. Attorney’s Office and the FBI in identifying a cybercriminal, holding him accountable, and prioritising the victims of his crimes,” said U.S. Attorney Alison J. Ramsdell.

She also emphasised that despite Light’s efforts to operate in the shadows, law enforcement was able to bring him to justice.

Light has been charged with two felonies, each carrying a potential 20-year sentence in federal custody, along with fines, supervised release, and restitution.

A sentencing date is yet to be set, and Light remains in custody.

Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis emphasised the agency’s commitment to pursuing cybercriminals, stating that law enforcement is dedicated to holding those who exploit technology for financial gain accountable.