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US hacker sentenced to 20 years in prison for $37 million crypto theft

POSTED ON October 2, 2024 •   BUSINESS & ECONOMY      BY Abiodun Saheed Omodara
FBI official l Credit: alamy

Evan Frederick Light, a 21-year-old American, faces up to 20 years in prison for defrauding a Sioux Falls, Dakota investment firm of $37 million in cryptocurrency.

Fredrick faced legal action from the US Department of Justice after being arrested for financial misconduct.

The Department of Justice publicly stated that Fredrick was charged with conspiring to commit wire fraud and conspiring to launder money.

“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 DOJ confirmed that the maximum penalty for each indictment is 20 years in custody and/or a fine, 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 acclaimed that the guilty verdict demonstrates that the FBI in conjunction with the Legal system will always work together to convict cyber criminals regardless of how sophisticated their crimes may be.

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