Crypto Hacker Admits Guilt in Theft of More Than $37 Million in Cryptocurrency

Evan Frederick Light, a 21-year-old from Lebanon, Indiana, has claimed guilty to conspiracy charges to Commit Wire Fraud and to Launder Monetary Instruments. The statement was made by United States Attorney Alison J. Ramsdell following Light’s arrival before U.S. Magistrate Judge Veronica Duffy on September 30, 2024. Light’s criminal activities involved a refined cyber-intrusion that stole over $37 million in cryptocurrency.

Overview of the Cyber Heist

The complex scheme developed in February 2022 when Light targeted an investment holdings firm based in Sioux Falls, South Dakota. By manipulating exposures in the company’s computer servers, Light accessed the personally identifiable information (PII) of about 600 customers.

Utilizing the essence of a legitimate client, he entered the system and exfiltrated sensitive data, subsequently robbing cryptocurrency holdings of multiple victims. Light’s operation extended further theft; he utilized advanced techniques to obscure his ways.

The robbed cryptocurrency was conducted via different international spots, including numerous mixing services and gambling websites, to conceal his individuality and launder the funds. This difficult operation adversely impacted victims worldwide, with important consequences handled in South Dakota.

Law Enforcement's Actions and Continued Initiatives

U.S. Attorney Ramsdell emphasized the dedication of her office and the FBI in bringing cybercriminals like Light to justice. “These convictions reflect our relentless efforts to hold cybercriminals accountable,” Ramsdell stated. “Today’s guilty verdicts should serve as a reminder that we will seek justice yet of how refined these crimes may be.”

Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis echoed these sentiments, emphasizing the FBI’s responsibility to fight cyber hazards. “Cyber-intrusions pose a serious hazard to both individuals and companies,” Winston noted. “We are committed to safeguarding the public from these cultured attacks.”

The FBI spearheaded the research and is being prosecuted by Assistant U.S. Attorney Jeremy R. Jehangiri. A presentence analysis has been ordered for Light, who stays in detention pending sentencing. The case underscores the continuing battle against cybercrime and the significance of strong law enforcement cooperation in managing such complicated perils.

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