A man from Indiana has been sentenced to 20 years in federal prison for his involvement in cyber intrusion and the theft of $37 million in cryptocurrency. Evan Frederick Light, aged 22, was convicted of conspiracy to commit wire fraud and conspiracy to launder monetary instruments. The sentencing was delivered by U.S. Chief Judge Roberto A. Lange on February 6, 2025.
In addition to his prison sentence, Light will undergo three years of supervised release and must pay a $200 special assessment to the Federal Victims Fund. Restitution for the stolen amount is expected to be no less than $37 million, with a hearing scheduled later to finalize this figure.
Light was initially indicted by a federal grand jury in May 2023 and entered a guilty plea on September 30, 2024. U.S. Attorney Alison J. Ramsdell commented on the case, stating: “From his mother’s basement in Indiana, Evan Light set out to steal millions of dollars in cryptocurrency, thereby destroying the retirement savings of hardworking, honest Americans.” She further emphasized the efforts of FBI professionals who helped identify Light and recover some of the stolen funds.
Special Agent Alvin M. Winston Sr., from FBI Minneapolis, also remarked on the case's significance: “Cybercrime is not a victimless offense — its impact is felt by hardworking Americans who suffer financial and emotional harm.”
Court documents reveal that Light's criminal activities began in February 2022 when he infiltrated an investment holdings company based in Sioux Falls, South Dakota. During this intrusion, he accessed personal identifiable information (PII) and stole cryptocurrency from nearly 600 victims by impersonating a real client.
The stolen funds were distributed globally through various means to conceal Light's identity and disguise the origin of the virtual currency. The total financial damage caused by these actions amounted to approximately $37 million.
The investigation into this case was conducted by the FBI and prosecuted by Assistant U.S. Attorney Jeremy R. Jehangiri. Following his sentencing, Light has been placed under the custody of the U.S. Marshals Service.