A 21-year-old man from Lebanon, Indiana, has admitted to organizing a major cryptocurrency theft, stealing over $37 million from nearly 600 victims worldwide.

Evan Frederick Light appeared before U.S. Magistrate Judge Veronica Duffy on September 30, 2024, where he pleaded guilty to Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments.

The Cyber Heist

The cyber-intrusion targeted an investment holdings company in Sioux Falls, South Dakota. According to court documents, Light and his unidentified accomplices accessed the company’s computer servers in February 2022 by impersonating a legitimate client.

Once inside, he misappropriated the personally identifiable information (PII) of hundreds of clients and used it to steal cryptocurrency holdings from nearly 600 victims in South Dakota and across the world. The reported losses amount to approximately $37 million.

Light then laundered the digital assets through multiple channels to conceal his identity and evade law enforcement. These included using cryptocurrency mixing services and online gambling platforms to hide the origins of the stolen assets.

“These convictions reflect the relentless efforts of the U.S. Attorney’s Office and the FBI in identifying a cybercriminal, holding him accountable, and prioritizing the victims of his crimes,” said U.S. Attorney Alison J. Ramsdell.

She added that law enforcement was able to reach him despite the defendants attempts to operate in the shadows of the cyber underworld.

Charges and Penalties

The accused pleaded guilty to two felony charges: Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments. Each count carries a maximum sentence of 20 years in federal custody, a fine, three years of supervised release, and restitution.

A presentence investigation has been ordered, and a sentencing date has yet to be set. Light was taken into custody by the U.S. Marshals Service as he waits for the judgment. Assistant U.S. Attorney Jeremy R. Jehangiri is prosecuting the case.

Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis emphasized the FBIs strong commitment to pursuing cyber criminals, highlighting the serious threat cyber-intrusions pose to both individuals and businesses.

He stated that the agency, in collaboration with its partners, remains dedicated to ensuring those who exploit technology for financial gain are held accountable, regardless of the complexity or scope of their schemes.