Evan Frederick Light, an Indiana resident, has pleaded guilty to charges of conspiracy to commit wire fraud and money laundering after stealing over $37 million in cryptocurrency. The United States Department of Justice (DOJ) announced on Oct. 1 that Light unlawfully accessed an investment firm’s computer servers to steal customer information, ultimately exploiting the data to siphon digital assets from nearly 600 victims.
According to the DOJ, the crimes took place between 2021 and May 2023. Light, who was initially charged in June 2023, attempted to conceal his identity by funneling stolen funds through crypto mixers and gambling websites. He acted alongside at least one other unidentified accomplice. For each of the charges, Light could face up to 20 years in prison.
The DOJ emphasized its commitment to tracking down cybercriminals, regardless of how sophisticated their schemes may be. “Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team,” the DOJ stated.
Light’s guilty plea comes amid growing concerns over rising cryptocurrency crimes. The FBI’s Internet Crime Complaint Center reported that Americans lost $5.6 billion to crypto fraud in 2023, a 45% increase from 2022. The agency received around 69,000 crypto-related complaints, with more than 70% of the fraud involving investment schemes. Older individuals were especially targeted, with those over 60 being the most-victimized group.