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Evan Frederick Light, a hacker from Indiana, has admitted to stealing over $37 million in crypto from nearly 600 victims between 2021 and May 2023.
According to the United States Department of Justice (DOJ), Light illegally accessed an investment firm’s computer servers, stealing sensitive personal identifiable information (PII) of customers.
Hacker Admits to Massive Crypto Theft
This data breach allowed him to steal customer information, leading to the theft of cryptocurrency holdings from clients who had stored their digital assets with the company.
This cyber-intrusion, which occurred between 2021 and May 2023, resulted in over $37 million being stolen from nearly 600 individuals.
🚨 Evan Frederick Light, who hacked the servers of an investment company to steal personal data and later $37 million worth of cryptocurrency, has pleaded guilty.
He faces up to 20 years in prison.https://t.co/L5dqgenvGm
— GN Crypto (@GNcrypto_news) October 2, 2024
Light used advanced tactics to hide his tracks, moving the stolen cryptocurrency through crypto mixers and online gambling sites. These methods were employed to make tracing the funds more difficult and to obscure his identity.
Despite these efforts, the DOJ tracked down Light, leading to his arrest and subsequent charges in June 2023 in South Dakota.
He initially pleaded not guilty but changed his plea to guilty on September 30, 2024. He now faces up to 20 years in prison for each of his charges, including conspiracy to commit wire fraud and money laundering.
Growing Crypto Crimes in the U.S.
Light’s case is just one example of the growing trend of cryptocurrency-related crimes in the United States.
In 2023 alone, the FBI reported that Americans lost approximately $5.6 billion due to fraud involving crypto assets. This marked a 45% increase compared to the previous year.
The FBI received close to 69,000 complaints of crypto fraud, with a significant portion of these cases involving seniors. Investment schemes have been the most common form of crypto fraud, accounting for over 70% of the reported cases.
Other types of scams include call-center fraud and scams where criminals impersonate government officials.
