21-year-old U.S. Citizen Pleads Guilty to $37 Million Cryptocurrency Theft

Evan Frederick Light, a 21-year-old U.S. citizen, has pleaded guilty to his involvement in a cryptocurrency theft valued at $37 million. 

His charges include money laundering and conspiracy to commit wire fraud, which could result in up to 20 years of imprisonment for each offence.

The U.S. Department of Justice (DOJ) revealed that Light illegally accessed the servers of an investment firm, stealing personal data and crypto from approximately 600 victims. He then laundered the stolen assets through cryptocurrency mixers and online gambling platforms to conceal his identity.

Light’s guilty plea, entered on September 30, follows charges brought against him in June 2023. The cybercrime, which spanned from 2021 to May 2023, involved at least one accomplice, according to the DOJ. 

Despite his attempts to remain hidden, the DOJ emphasised its determination to bring him to justice, stating, “Cybercriminals may think they can hide, but they are not beyond the reach of our dedicated law enforcement.”

The FBI, which has been instrumental in investigating the case, has raised alarms over the rise in cryptocurrency-related fraud. A recent report showed that Americans lost an estimated $5.6 billion to such scams in 2023, marking a sharp 45% increase from the previous year. Of the 69,000 complaints registered, investment scams were responsible for over 70% of the total losses.

Older individuals were disproportionately targeted, with the FBI highlighting that those over 60 were among the most affected. Other forms of deception, including call-centre fraud and government impersonation, further contributed to the surge in losses.

Light now faces the possibility of a lengthy sentence, with up to 20 years imprisonment per charge, in addition to fines, supervised release, and restitution. Authorities are working to track down any remaining stolen assets and bring his accomplices to justice.