Indiana Man Admits to $37.7 Million Crypto Heist

Evan Frederick Light, a 21-year-old resident of Indiana, has pleaded guilty to stealing $37.7 million in cryptocurrency from 571 victims in a cyberattack that took place in 2022. According to the U.S. Department of Justice, the theft was perpetrated against an unnamed investment company based in South Dakota.

Court documents reveal that Light, along with unidentified accomplices, exploited the personally identifiable information (PII) of one of the company’s clients to gain access to its servers. The criminals then used a vulnerability to infiltrate the corporate network further. Once inside, they stole customer data, which was subsequently used to facilitate the cryptocurrency theft. In total, $37,704,560 in cryptocurrency was illicitly obtained.

To cover their tracks and conceal their identities, Light and his associates laundered the stolen assets through various cryptocurrency mixers and gambling websites. Nevertheless, the FBI managed to trace Light’s activities and apprehended him. In May 2023, charges were formally brought against him. Initially, Light denied his involvement, but he has now admitted to his role in the crime.

Light faces up to 20 years in prison for each charge, along with three years of supervised release and an obligation to compensate the victims. The issue of returning the stolen funds remains unresolved, as authorities have yet to confirm the seizure of any assets linked to Light.

In September, the FBI reported that cryptocurrency theft losses reached a record high of $5.6 billion in 2023. Moreover, each year since 2019 has set a new record for such losses. To safeguard their cryptocurrency holdings, experts recommend using cold wallets for offline storage, enabling multi-factor authentication, and limiting the sharing of sensitive information online.