Indiana Hacker Sentenced to 20 Years for $37M Crypto Heist

Indiana resident Evan Frederick Light has been sentenced to 20 years in prison for orchestrating a $37 million cryptocurrency heist. The 22-year-old used stolen identities to breach an investment platform, targeting over 600 victims and laundering funds through crypto mixers and gambling sites.

Indiana Man Sentenced to 20 Years for Multi-Million Dollar Crypto Fraud

An Indiana hacker, Evan Frederick Light, has been sentenced to 20 years in federal prison after pleading guilty to charges of wire fraud and money laundering conspiracy in connection with a $37 million cryptocurrency heist. The sentencing, delivered by Judge Roberto Lange, marks one of the most significant cybercrime convictions related to digital assets in recent U.S. history.

The 22-year-old, who carried out his cybercrimes from his mother’s basement in Lebanon, Indiana, was found guilty by a federal grand jury in March 2023 and later pleaded guilty in September 2023. In addition to his prison term, Light was ordered to pay $200 to the Federal Victims Fund and faces a restitution hearing to determine the amount he must return to victims

How the Crypto Heist Was Executed

Court records reveal that in February 2022, Light gained unauthorized access to the servers of an investment holdings firm based in Sioux Falls, South Dakota. By exploiting security vulnerabilities and stealing the identity of a legitimate client, he was able to infiltrate the firm’s database, ultimately compromising the private information of hundreds of investors.

Using these stolen credentials, Light executed fraudulent transactions that resulted in the theft of $37 million worth of digital assets from over 600 victims worldwide. The stolen funds were then laundered through cryptocurrency mixing services and online gambling platforms to obscure the digital trail.

Authorities revealed that Light did not act alone but collaborated with at least one unidentified accomplice, who remains under investigation.

Law Enforcement’s Response

United States Attorney Alison Ramsdell condemned Light’s actions, stating:

“His 20-year sentence reflects the gravity of his crimes and the immense damage inflicted upon the victims whose financial futures have been devastated.”

During the sentencing, both the court and victims praised the FBI’s Cyber Crimes Unit, which played a critical role in tracking down Light and recovering a portion of the stolen cryptocurrency.

FBI Special Agent Alvin Winston Sr., who led the investigation, issued a stern warning to cybercriminals:

“This sentencing is a clear message—criminals who believe they can operate in the shadows without consequences are mistaken. The FBI will continue to pursue and dismantle these schemes to ensure justice is served and the public remains protected.”

The investigation, which involved collaboration between the FBI and Assistant United States Attorney Jeremy R. Jehangiri, resulted in Light being remanded to the U.S. Marshals Service to serve out his 20-year sentence.

The Future of Cybercrime and Crypto Security

This case underscores the increasing sophistication of crypto-related financial crimes and the ongoing efforts by law enforcement to tackle cyber threats. While Light’s conviction is a victory for regulators, it also highlights the need for enhanced cybersecurity measures within investment platforms to prevent future breaches.

As digital assets become more mainstream, cases like this serve as a warning to hackers exploiting blockchain technology for illicit purposes—law enforcement is catching up, and cybercriminals will face severe consequences.

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