- A 21-year-old Indiana man pleaded guilty to a $37M crypto theft, targeting an investment firm in South Dakota.
- The cybercriminals used stolen client data to transfer digital currencies and launder the funds through crypto tumblers.
- Law enforcement tracked the stolen funds despite complex laundering efforts, leading to the suspect’s arrest and guilty plea.
A 21 year old man from Lebanon, Indiana has recently agreed to plea guilty to charges related to what has been described as a $37 million cryptocurrency theft. Evan Frederick Light pleaded guilty in front of U.S. Magistrate Judge Veronica Duffy on September 30, 2024, for his part in a wire fraud scheme and money laundering. The charges resulted from a 2022 cyber attack on an investment holdings company located in Sioux Falls, South Dakota.
According to a recent report, Light’s charges are each punishable by up to 20 years in prison, fines, and payments to the victims. Also, he may receive a probationary term and other penalties. U.S. Attorney Alison J. Ramsdell released a statement about the case saying that those convictions prove that law enforcement agencies remain committed to apprehending cyber criminals and to ensuring that the victims of cybercrimes are protected
Crypto Theft Scheme
The cybercriminal plot was set into motion in February 2022 when Light and others glucose the investment firm’s servers. The criminals acquired information on 594 clients and applied it to gain unauthorized entry to the clients’ accounts and transfer digital currencies. Light and his partners moved the stolen money through different channels such as crypto tumblers, and gambling websites in an attempt to make it hard for the law enforcers to follow the stolen assets’ trail.
FBI’s Minneapolis division Special Agent in Charge Alvin M. Winston Sr. said that the case shows how cybercriminals have become a rising threat that use technology to make money. He repledged its commitment to ensuring the safety of the public and ensuring that everyone faces the consequences of his actions when committing offences that affect people and companies. Winston pointed out that the fact that the crime was highly intricate did not make the police let go of the case.
The investigation showed that the stolen cryptocurrency was sent through different tumblers in an effort to make it hard to track the stolen coins. But thanks to cooperation of several agencies, the money was intercepted and Light was arrested and pleaded guilty.
Light is still in the possession of the U.S. Marshals Service and is scheduled to be sentenced. There is not yet a date for his sentencing but a presentence investigation has been scheduled for him. Assistant U.S. Attorney Jeremy R. Jehangiri is prosecuting the case and while the investigation remains open and active, the authorities are still seeking the other individuals involved in the conspiracy.
