Lebanon Man Pleads Guilty to $37 Million Crypto Theft

Highlights:

• Evan Light pleaded guilty to stealing over $37 million in cryptocurrency from nearly 600 victims.
• The DOJ and FBI are dedicated to prosecuting cybercriminals despite their attempts to hide.
• Light faces up to 20 years in prison for each charge related to his crimes.

Evan Frederick Light, a 21-year-old from Lebanon, Indiana, pleaded guilty on October 1 to cyber intrusion and stealing over $37 million in cryptocurrency from nearly 600 victims. He was charged with conspiracy to commit wire fraud and launder monetary instruments.

JUST IN: 21 YEAR OLD PLEADS GUILTY TO STEALING $37M OF CRYPTOCURRENCY VIA 'CYBER INTRUSION' PER THE BLOCK

— BSCN Headlines (@BSCNheadlines) October 1, 2024

Light Involved in Cyber Intrusion and Faces 20 Years for $37 Million Crypto Theft

In February 2022, the perpetrator was involved “in a cyber-intrusion involving an investment holdings company located in Sioux Falls, South Dakota.” Light and his co-conspirators breached the firm’s computer servers to illegally access customer information and used it to steal cryptocurrencies from clients holding assets at the company, the United States Department of Justice (DOJ) stated on October 1. 

Light laundered the stolen funds from the cyber intrusion through cryptocurrency mixers and gambling websites to conceal his identity and hide the money.

The statement reads:

“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.”

Light faces up to 20 years in prison for each charge, along with three years of supervised release and a possible fine. Restitution and forfeiture may also be imposed. 

In agreement, Light wrote:

“As an overt act in the conspiracies, I transferred and wired the unlawfully obtained cryptocurrency proceeds, or a portion thereof, in interstate and foreign commerce and then moved such proceeds to a cold wallet under my control.”

DOJ and FBI Collaborate to Prosecute Cybercriminal

The U.S. Attorney’s Office in South Dakota managed the prosecution. Meanwhile, federal agencies like the FBI and the DOJ played vital roles in the investigation. Foreign authorities also played a key role in tracking the stolen funds across borders, especially through the international mixing services and gambling platforms used by the conspirators.

The DOJ emphasized its commitment to catching every cybercriminal within its reach. They pointed out that, despite the defendant’s attempts to hide in the shadows of the cyber underworld, he was not beyond their reach.

Further, the DOJ stated:

“Today’s guilty verdicts should serve as a reminder that this Office and its law enforcement partners will bring cyber criminals to justice, regardless how sophisticated their crimes may be.”

U.S. Attorney Alison J. Ramsdell stated that this case demonstrates the ongoing commitment of the U.S. Attorney’s Office and the FBI to combat cybercrime, particularly concerning the rapid growth of digital assets.

A recent report from the FBI’s Internet Crime Complaint Center reveals that cryptocurrency fraud cost Americans over $5.6B in 2023. This marks a 45% increase from the previous year.

The FBI logged approximately 69,000 complaints related to crypto, with individuals over 60 particularly affected. Over 70% of these fraud cases involved investment schemes, while 10% involved call center fraud and scams impersonating government officials.