Evan Frederick Light, 21, is facing a maximum penalty of 20 years in prison after stealing $37 million worth of cryptocurrency from an investment holdings company based in Sioux Falls, South Dakota.

The U.S. Department of Justice announced on October 1 that Light has been charged with Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments. Each charge carries a maximum penalty of 20 years in custody, a fine, three years of supervised release, and a $200 special assessment to the Federal Crime Victims Fund.

In February 2022, Light hacked into the computer servers of an investment firm to access customer information and steal cryptocurrencies from 600 clients, with the assistance of an unidentified accomplice. Light utilized the identities of the investment holdings’ clients to infiltrate the company’s servers. Once inside, he accessed the accounts of hundreds of clients to steal their digital assets.

Methods of Distributing Stolen Cryptocurrency

The stolen cryptocurrency was distributed to various locations around the world, including multiple mixing services and gambling sites, in an attempt to erase his digital footprint and make the funds difficult to trace.

Law Enforcement Response

U.S. Attorney Alison J. Ramsdell emphasized the commitment of the U.S. Attorney’s Office and the FBI in combating cybercrime, especially as it relates to the rapid development of digital assets.

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

Impact of Crypto Scams

According to a recent FBI report published on September 9, Americans have lost over $5.6 billion in crypto scams in 2023. The FBI Internet Crime Complaint Center received more than 69,000 reports of financial fraud involving cryptocurrencies such as Bitcoin, Ethereum, and Tether.

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