Hacker Pleads Guilty To $37 Million Cryptocurrency Theft

According to Cointelegraph, a hacker who accessed 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 from Indiana, breached an investment firm's computer servers to unlawfully access customer information and used this to steal cryptocurrencies from clients. The United States Department of Justice (DOJ) announced this in a statement on October 1. Light funneled the stolen funds through cryptocurrency mixers and gambling websites to conceal his identity and hide the funds. He pleaded guilty on September 30 and faces up to 20 years in prison for each charge, in addition to three years of supervised release and a potential fine. Restitution and forfeiture may also be ordered. Light was charged in South Dakota on June 15, 2023, and initially pleaded not guilty to the indictment. The DOJ claimed that the crimes were committed between 2021 and May 2023, and Light acted with at least one other unidentified perpetrator. The DOJ emphasized its commitment to catching cybercriminals, stating, 'Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team.' They added that the guilty verdicts should serve as a reminder that cyber criminals will be brought to justice, regardless of the sophistication of their crimes. The US Federal Bureau of Investigation (FBI) Internet Crime Complaint Center reported that Americans lost $5.6 billion from cryptocurrency fraud in 2023, a 45% increase from 2022. The FBI received around 69,000 crypto-related complaints in 2023, with people over 60 being the most victimized. Over 70% of the crypto fraud was related to investment schemes, while 10% involved call center fraud and government impersonation scams.