Evan Light, a 20-year-old man from Lebanon, has pleaded guilty to his involvement in a massive cryptocurrency scam that defrauded nearly 600 victims of $37 million. Federal prosecutors allege that Light was part of a group that infiltrated the computer servers of an investment holding company. In May 2023, the FBI executed a search warrant at Light’s residence, where he lived with his mother, and uncovered his role in the crime.
Light admitted to stealing personal identifiable information (PII) from a client of the investment company, which allowed him to access the company’s servers. Using this information, he gained unauthorized access to the holdings of hundreds of clients, which were subsequently stolen. In his plea agreement, Light acknowledged that the proceeds were unlawfully obtained and laundered to conceal their origin and ownership.
As part of the criminal operation, Light transferred the stolen cryptocurrency across state lines and moved it to a cold wallet under his control. He faces serious consequences, including a 20-year federal prison sentence and a $250,000 fine for conspiracy to commit wire fraud. He is also facing charges for money laundering, with the potential to pay restitution of over $37 million.
No details were provided regarding Light’s co-conspirators in the plea agreement, and a sentencing date has not been set yet. The case highlights the growing concern over cryptocurrency-related crimes and the challenges law enforcement faces in tracking and recovering stolen digital assets.
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