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Evan Frederick Light faces up to 20 years behind bars for each charge, including conspiracy to commit wire fraud and launder monetary instruments.
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A hacker that gained access to a company’s servers and stole over $37 million in cryptocurrency from nearly 600 victims has pleaded guilty to conspiracy to commit wire fraud and launder monetary instruments.
The perpetrator, Evan Frederick Light of the United States state of Indiana, breached an investment firm’s computer servers to unlawfully access customer information and used this to steal cryptocurrencies from the clients who held such assets at the company, the United States Department of Justice said in an Oct. 1 statement.
Light then funneled funds from the “cyber-intrusion” through cryptocurrency mixers and gambling websites to conceal his identity and to hide the funds.
Light pleaded guilty on Sept. 30 — and faces up to 20 years behind bars for each charge in addition to three years of supervised release and a potential fine. Restitution and forfeiture may also be ordered.
The now-convicted criminal was charged in South Dakota on June 15, 2023. Light initially pleaded not guilty to the indictment.
The DOJ claimed in that complaint that the crimes were committed between 2021 and May 2023, and Light acted with at least one other unidentified perpetrator.
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The DOJ put out a loud and clear message that it intends to catch every cybercriminal within its reach:
“Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team,” the DOJ explained.
“Today’s guilty verdicts should serve as a reminder that this Office and its law enforcement partners will bring cyber criminals to justice, regardless how sophisticated their crimes may be.”
The US Federal Bureau of Investigation Internet Crime Complaint Center reported Americans lost $5.6 billion from cryptocurrency fraud in 2023 — up 45% from 2022.
The FBI received around 69,000 crypto-related complaints in 2023, with people over 60 among the most victimized. Over 70% of the crypto fraud was related to investment schemes, while 10% involved call center fraud and government impersonation scams.
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This article first appeared at Cointelegraph.com News
