Man Pleads Guilty to Major Cryptocurrency Theft Following Cyberattack

A 21-year-old man has admitted guilt in a federal court to charges connected to a significant cryptocurrency theft exceeding $37 million, as announced by the U.S. Department of Justice (DOJ).

Evan Frederick Light from Lebanon, Indiana, entered his plea on September 30, 2024, facing accusations of conspiracy to commit fraud and money laundering.

The charges relate to a cyberattack orchestrated by Light in February 2022. He targeted an investment holding firm in Sioux Falls, South Dakota, stealing sensitive personal information from nearly 600 victims, which enabled him and his co-conspirators to misappropriate substantial amounts of cryptocurrency, totaling more than $37 million.

U.S. Attorney Alison J. Ramsdell highlighted the importance of this conviction, stating that it showcases the unwavering efforts of the U.S. Attorney’s Office and the FBI in bringing cybercriminals to justice and supporting their victims. She noted, “Even though this defendant tried to conceal himself in the depths of the cyber underworld, he was not beyond the reach of our team.”

The charges carry severe consequences, with potential penalties including up to 20 years in prison for each count, substantial fines, and three years of supervised release. The court may also require restitution for the victims.

Alvin M. Winston Sr., the FBI’s Special Agent in Charge for Minneapolis, reiterated the agency’s commitment to fighting cybercrime. He stated, “Cyberattacks represent a significant threat to individuals and businesses alike, and we are dedicated to safeguarding the public from these advanced threats. The FBI will persist in collaborating with our partners to hold accountable those who misuse technology for financial gain.”