This serious crime affected nearly 600 victims and has put Light in hot water.
He could face up to 20 years in prison for each of the charges against him, which include conspiracy to commit wire fraud and money laundering. Let’s explore more about this crypto theft.
How the Hack Happened
The U.S. Department of Justice announced on October 1st that Light unlawfully accessed the computer servers of an investment firm. He stole customer information and used it to take cryptocurrencies from clients who had digital assets with the company. In other words, he broke into the company’s “house” and made off with their valuable “treasures.”
After stealing the funds, Light didn’t stop there. He tried to cover his tracks by funneling the stolen money through crypto mixers and gambling websites. These are methods used to hide the source of the money and make it difficult to trace.
🚨 Evan Frederick Light, who hacked the servers of an investment company to steal personal data and later $37 million worth of cryptocurrency, has pleaded guilty.
He faces up to 20 years in prison.https://t.co/L5dqgenvGm
— GN Crypto (@GNcrypto_news) October 2, 2024
Light pleaded guilty on September 30, and he initially claimed he was innocent when he was charged in South Dakota on June 15, 2023. The crimes took place between 2021 and May 2023, and Light reportedly acted with at least one other person, whose identity is still unknown.
The Department of Justice sent a clear message: they are serious about catching cyber criminals. They stated, “Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team.” This shows that no matter how sophisticated a crime may seem, law enforcement is ready to step in and bring the bad guys to justice.
An Indiana man has pleaded guilty to cyber conspiracies that stole $37 million in cryptocurrency. 🚨
The scheme used phishing and SIM-swapping to access victims’ personal accounts and crypto wallets, allowing the perpetrators to transfer large amounts of digital assets…
— Global Ledger (@GlobalLedger) October 2, 2024
The Bigger Picture
According to the FBI’s Internet Crime Complaint Center, Americans lost a staggering $5.6 billion to cryptocurrency fraud in 2023. Which is a 45% increase from 2022. The FBI received around 69,000 complaints related to crypto fraud, with older adults being some of the most targeted. Investment schemes made up more than 70% of these fraud cases, while 10% involved scams like call centers and government impersonation.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
