A 21-year-old US citizen, Evan Frederic Light, faces up to 20 years in prison for allegedly stealing $37 million in cryptocurrency from an investment company in Sioux Falls, Dakota.
He was arrested and is now facing charges from the US Department of Justice related to his financial crimes.
The US Department of Justice announced in a press release that Evan Frederick Light has been charged with conspiracy to commit wire fraud and conspiracy to launder monetary instruments in connection with the $37 million cryptocurrency theft.
“According to court documents, in February of 2022, Light was involved in a cyber-intrusion involving an investment holdings company located in Sioux Falls, South Dakota. During the cyber-intrusion, Light stole customer personal identifiable information (“PII”) and then stole cryptocurrency worth over $37 million from nearly 600 victims. He acted with one or more unidentified perpetrators.
“Specifically, during the cyber intrusion, Light accessed the identity of a real client of the investment holdings company and unlawfully utilized that identity to infiltrate the investment holdings company’s computer servers. After successfully accessing the computer servers, he then exfiltrated from the servers the PII of hundreds of other clients, using this access to steal virtual currencies from the clients who held such assets with the investment holdings company.
“The stolen cryptocurrency, under Light’s control, was then funneled to various locations throughout the world, including multiple mixing services and gambling websites to conceal his identity and to hide the virtual currency. Light’s conduct adversely affected victims all over the world, including South Dakota. As a result of his conduct, the total loss was approximately $37 million.
“The investigation was conducted by the FBI. The case is being prosecuted by Assistant U.S. Attorney Jeremy R. Jehangiri.” The Press release read in parts.
The press release from the US Department of Justice confirmed that each charge carries a maximum penalty of 20 years in prison and/or a fine, along with three years of supervised release and a $200 special assessment to the Federal Crime Victims Fund.
U.S. Attorney Alison J. Ramsdell commended the Federal Bureau of Investigations (FBI) for their efforts in curbing cyber and financial crimes. He laid special emphasis on the fact that the task of curbing cybercrimes got a lot harder with the introduction of digital assets.
He stated that the guilty verdict underscores the collaboration between the FBI and the legal system in their relentless pursuit of cyber criminals, emphasizing that they will work together to secure convictions regardless of the sophistication of the crimes.
An FBI report released on September 9 indicated that Americans lost over $5.6 billion in cryptocurrency scams in 2023.
