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A 21-year-old Lebanon, Indiana, man was sentenced to 20 years in federal custody for his involvement in a scheme that stole more than $37 Million in cryptocurrency from hundreds of victims across the globe.
Evan Frederick Light pleaded guilty in September 2024 to conspiracy to commit wire fraud and conspiracy to launder monetary instruments. On Thursday, Light received the maximum penalty of 20 years in federal prison, three years of supervised release, and a $200 special assessment to the Federal Crime Victims Fund, according to court documents.
“Although this defendant tried to hide in the shadows of a cyber underworld, he was not beyond the reach of our team, and today’s guilty verdicts should serve as a reminder that this office and its law enforcement partners will bring cyber criminals to justice, regardless how sophisticated their crimes may be,” said Assistant U.S. Attorney Jeremy R. Jehangiri in a press release from October 2024.
How was Light caught?
In February 2022, the FBI was alerted that an investment holdings company in Sioux Falls, South Dakota, had been hacked in a cyber-intrusion plot, giving the hackers the personal information of approximately 571 victims. With this information, they were able to steal more $37 million in cryptocurrency from the victims, according to court documents.
It was unclear at the time who had hacked into the investment holdings company, but after a year of investigating, FBI agents were able to link Light to the theft after discovering an email address used to purchase items with the stolen cryptocurrency, according to court documents.
Once agents discovered the connection, they were able to link the email and purchases to an address in Lebanon.
On May 9, 2023, FBI agents executed a search warrant on the residence, seizing dozens of electronics owned by Light, including seven cold wallets which store Bitcoin, Ethereum and other types of cryptocurrency, according to court documents.
“One was on the defendant’s desk in his bedroom. There were some in the living room in drawers. There was one, I believe, in the kitchen as well. They were throughout the house,” an FBI agent told the judge in one of Light’s hearings, court documents state.
Light was arrested by FBI agents the same day his family’s residence was being investigated.
While in federal custody, Light attempted to obtain bail, but the court determined that he was a potential flight risk due to the amount of money involved in the case, his “high level of computer expertise,” and his internet history which demonstrated his intent to escape, according to court documents.
While investigating his email, FBI agents said they discovered several Google search inquiries looking for information about passports and citizenship requirements to other countries.
In September 2024, Light entered a plea agreement with the court and confessed to his involvement with the 2022 hacking and theft.
“After acquiring control of the stolen cryptocurrency, these proceeds, in part, were funneled to various locations throughout the world, including multiple mixing services and gambling websites to conceal my identity and the identities of co-conspirator(s) and to hide the virtual currency,” Light told investigators.
“I knew then and know now that these proceeds were unlawfully obtained and were subsequently unlawfully laundered to conceal their source, control, ownership, and location.”
Contact IndyStar reporter Noe Padilla at npadilla@indystar.com, follow him on X @1NoePadilla or on Bluesky @noepadilla.bsky.social.