A native of the U.S. state of Indiana, Evan Frederick Light, has been sentenced to 20 years in federal prison for his role in a cybercrime scheme that stole over $37 million in cryptocurrency from nearly 600 victims.
The 22-year-old Light pleaded guilty on September 30, 2024, to conspiracy to commit wire fraud and money laundering.
In February 2022, he and his accomplices conducted a cyber-intrusion at an investment firm in Sioux Falls, South Dakota, using stolen client identities to breach company servers and drain digital assets.
The U.S. Department of Justice reported that the theft was discovered in March 2023. It was found that Light had exploited real client accounts to steal personal data and cryptocurrency. The stolen funds were then laundered through cryptocurrency mixing services and online gambling platforms, which made it challenging to trace the assets.
U.S. Attorney Alison J. Ramsdel emphasized the severity of the crime, stating, “His 20-year sentence demonstrates the severity of his crime and its impact on the hundreds of victims whose lives have been devastated by his fraudulent activity.”
Light will get three years of supervised release following his sentence’s completion. He has also been ordered to pay a $200 assessment to the Federal Victims Fund and at least $37 million in restitution, with a final restitution hearing scheduled later.
The Federal Bureau of Investigation’s Cyber Division played a key role in tracking the stolen funds. Recently, the Bureau issued a warning about fraudsters posing as crypto exchange employees to steal users’ funds.
It explained that these scammers use phone calls, messages, and phishing tactics, falsely claiming account issues or security breaches, according to the agency. Victims are pressured to act quickly, often tricked into revealing access codes, clicking malicious links, or sharing personal data, allowing scammers to seize their crypto holdings.
The FBI urged crypto users to avoid engaging with suspicious communications and to contact their exchange directly using official channels.
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