A major crypto scam orchestrated by 21-year-old Evan Frederick Light of Indiana led to more than $37 million in losses, affecting 571 victims. The heist, which occurred in 2022, targeted an investment company in Sioux Falls, South Dakota.

According to the US Department of Justice (DoJ), Light and unidentified co-conspirators exploited security vulnerabilities in the company’s network, gaining unauthorized access by stealing the identity of a legitimate client.

Once inside the company’s systems, the hackers accessed sensitive personal and financial information, which allowed them to steal $37,704,560 worth of cryptocurrency. Light funneled the stolen digital assets through various cryptocurrency mixers and gambling platforms worldwide in an effort to obfuscate the transaction trail and conceal his identity.

The DoJ noted that Light’s actions had global repercussions, with victims spread across different countries. Although the FBI eventually tracked him down and indicted him in May 2023, the stolen funds’ whereabouts remain unclear.

Light has since pleaded guilty to Conspiracy to Commit Wire Fraud and Conspiracy to Launder Monetary Instruments, facing severe punishment.

“The maximum penalty for each count upon conviction is 20 years in custody and/or a fine, three years of supervised release, and a $200 special assessment to the Federal Crime Victims Fund. Restitution may also be ordered,” the DOJ press release stated.

Despite his admission, authorities have not disclosed whether any of the stolen cryptocurrency has been recovered, leaving the victims uncertain about regaining their lost assets.

“These convictions reflect the relentless efforts of the U.S. Attorney’s Office and the FBI in identifying a cybercriminal, holding him accountable, and prioritizing the victims of his crimes,” said U.S. Attorney Ramsdell. “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.”

“This case underscores the FBI’s unwavering commitment to identifying and bringing cybercriminals to justice,” said Special Agent in Charge Alvin M. Winston Sr. of FBI Minneapolis. “Cyber-intrusions pose a serious threat to both individuals and businesses, and we are dedicated to protecting the public from these sophisticated attacks. The FBI will continue to work alongside our partners to ensure that those who exploit technology for financial gain are held accountable, no matter how complex or far-reaching their schemes may be.”