US hacker faces 20 years in prison for stealing $37 million in cryptocurrency
Date: 2024-10-02 Author: Henry Casey Categories: IN WORLD
Evan Frederick Light, 21, faces up to 20 years in prison for stealing $37 million in cryptocurrency from a Sioux Falls, South Dakota-based investment firm, the US Department of Justice announced in a press release on October 1.
Light faces charges of conspiracy to commit internet fraud and conspiracy to commit money laundering. Each charge carries a maximum sentence of 20 years in prison and/or a fine, three years of probation, and a $200 special fee to a crime victim assistance fund.
In February 2022, Light and an unidentified accomplice hacked an investment firm, accessing client information and stealing cryptocurrency from 600 investors. Using their personal data, he was able to penetrate the system and steal digital assets from hundreds of other company clients.
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After the theft, Light distributed the stolen funds across various services and gambling sites, trying to hide his tracks and make them difficult to track. Such actions are aimed at confusing the financial trail to make it more difficult to return the stolen assets.
US Attorney Alison J. Ramsdell said that this case confirms the seriousness of the US authorities in combating cybercrime, especially in the context of the rapid development of digital assets. “Today's verdict should serve as a warning that our agency and law enforcement agencies will hold cybercriminals accountable, no matter the complexity of their crimes,” she emphasized.
According to the FBI report from September 9, Americans have lost more than $5.6 billion as a result of cryptocurrency fraud in 2023. According to the FBI's Internet Crime Complaint Center, more than 69,000 complaints related to financial crimes involving cryptocurrencies such as Bitcoin, Ethereum, and Tether were filed in 2023.
