An Indiana man, Evan Frederick Light, has been handed a 20-year federal prison sentence for orchestrating a large-scale cryptocurrency theft operation out of his mother’s basement. This scheme involved unlawfully accessing an investment firm in Sioux Falls, South Dakota, in February 2022.
Light, along with his accomplices, managed to steal over $37 million in cryptocurrency from nearly 600 victims by obtaining personally identifiable information (PII) from the firm’s customers. The stolen funds were then laundered through various means, including mixing services and online gambling platforms.
After pleading guilty on September 30, 2024, Light was sentenced on February 6, 2025, by Alison J. Ramsdell, a US Attorney for the District of South Dakota. Ramsdell emphasized the devastating impact of Light’s actions on the victims, highlighting the destruction of their retirement savings.
The court and the victims commended the FBI for its investigation, which led to Light’s arrest and the recovery of a significant portion of the stolen cryptocurrency. Special Agent Alvin M. Winston Sr. of the FBI Minneapolis emphasized that cybercrime has real-world consequences, causing financial and emotional harm to hardworking Americans.
Following the sentencing, Light was transferred to the custody of the US Marshals Service to serve his 20-year prison term. He was also ordered to pay a $200 special assessment to the Federal Victims Fund and will be required to pay restitution of $37 million. A separate hearing will be scheduled to determine the specifics of the restitution amount.
This case serves as a reminder that cybercriminals will face severe consequences for their actions, even if they believe they can operate anonymously. The FBI’s successful investigation and the subsequent sentencing of Evan Frederick Light demonstrate the commitment to holding individuals accountable for engaging in fraudulent activities that harm innocent victims.
Stay informed about cybersecurity threats and cryptocurrency fraud by reading our latest article on Web3 attacks, which have resulted in significant losses of $2.3 billion in cryptocurrency.