Evan Frederick Light, a 21-year-old from Lebanon, Indiana, has pleaded guilty to conspiracy charges to Commit Wire Fraud and to Launder Monetary Instruments.
The announcement was made by United States Attorney Alison J. Ramsdell following Light’s appearance before U.S. Magistrate Judge Veronica Duffy on September 30, 2024.
Light’s criminal activities involved a sophisticated cyber-intrusion that stole over $37 million in cryptocurrency.
Details of the Cyber Heist
The intricate scheme unfolded in February 2022 when Light targeted an investment holdings company based in Sioux Falls, South Dakota.
By exploiting vulnerabilities in the company’s computer servers, Light accessed the personally identifiable information (PII) of nearly 600 clients.
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Using the identity of a legitimate client, he infiltrated the system and exfiltrated sensitive data, subsequently stealing cryptocurrency holdings from numerous victims.
Light’s operation extended beyond theft; he employed advanced methods to obscure his tracks.
The stolen cryptocurrency was funneled through various global locations, including multiple mixing services and gambling websites, to conceal his identity and launder the funds.
This complex operation adversely affected victims worldwide, with significant impacts felt in South Dakota.
Law Enforcement’s Response and Ongoing Efforts
U.S. Attorney Ramsdell emphasized the dedication of her office and the FBI in bringing cybercriminals like Light to justice. “These convictions reflect our relentless efforts to hold cybercriminals accountable,” Ramsdell stated.
“Today’s guilty verdicts should serve as a reminder that we will pursue justice regardless of how sophisticated these crimes may be.”
Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis echoed these sentiments, highlighting the FBI’s commitment to combating cyber threats.
“Cyber-intrusions pose a serious threat to both individuals and businesses,” Winston noted. “We are dedicated to protecting the public from these sophisticated attacks.”
The FBI spearheaded the investigation and is being prosecuted by Assistant U.S. Attorney Jeremy R. Jehangiri.
A presentence investigation has been ordered for Light, who remains in custody pending sentencing.
The case underscores the ongoing battle against cybercrime and the importance of robust law enforcement collaboration in addressing such complex threats.
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