US Crypto Heist: Hacker Faces Charges for $37M Crypto Raid

US Crypto Heist: $37M Theft Unveiled in Major Cyber Intrusion

A hacker from Indiana, Evan Frederick Light, has admitted to stealing over $37 million in cryptocurrency from nearly 600 victims. On October 1, the United States Department of Justice (DOJ) announced that Light pleaded guilty to charges of conspiracy to commit wire fraud and money laundering. The crimes were carried out by infiltrating the computer servers of an investment firm and stealing customer information, which was then used to access clients' digital assets.

Light and at least one other unidentified accomplice carried out the cyber-attacks between 2021 and May 2023. The stolen funds were funneled through crypto mixers and gambling websites to hide the hacker’s identity. Light initially pleaded not guilty but changed his plea on September 30 and now faces up to 20 years in prison for each charge.

How the Cyber Heist Unfolded

According to the DOJ, Light unlawfully accessed the investment firm’s computer servers to steal sensitive customer information. Once inside, he used that data to gain control of cryptocurrencies belonging to the firm’s clients. Light then moved the funds through complex networks, including crypto mixers and gambling sites, to mask his tracks and conceal the source of the stolen assets.

The DOJ emphasized its commitment to bringing cybercriminals to justice, despite the sophisticated tactics they may use to evade detection. Light’s guilty plea serves as a stark reminder that law enforcement agencies are determined to pursue hackers involved in cyber theft.

Rising Crypto Crimes in the U.S.

Light’s case is part of a broader increase in cryptocurrency crimes. The FBI’s Internet Crime Complaint Center reported that Americans lost a staggering $5.6 billion to crypto fraud in 2023, a 45% increase from the previous year. The FBI received around 69,000 complaints related to crypto fraud, with older individuals, particularly those over 60, being among the most targeted.

Investment scams made up over 70% of the reported fraud cases, while call-center fraud and government impersonation schemes also contributed significantly to the total losses.

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