US: Man Gets 20 Years for $37m Crypto Heist

An Indiana man has been sentenced to 20 years in federal prison for running a massive cryptocurrency theft scheme from his mother’s basement.

A federal grand jury indicted Evan Frederick Light, 22, from Lebanon, Indiana, for conspiracy to commit wire fraud and conspiracy to launder monetary instruments in May 2023.

Light was accused of unlawfully gaining access to an investment firm based in Sioux Falls, South Dakota, in February 2022.

Subsequently, Light and accomplices stole personally identifiable information (PII) from the firm’s customers and used that information to steal over $37m in cryptocurrency from almost 600 victims. 

The stolen funds were laundered through various services, including mixing services and gambling websites.

Light pleaded guilty on September 30, 2024.

Partial Recovery of Stolen Funds

On February 6, 2025, Alison J. Ramsdell, a US Attorney for the District of South Dakota, sentenced Light to 20 years in federal prison, followed by three years of supervised release.

“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,” said Ramsdell in a press release.

“His 20-year sentence demonstrates the severity of his crime and its impact on the hundreds of victims whose lives have been devastated by his fraudulent activity.” She added.

During the sentencing, the Court and the victims praised the investigation conducted by the FBI, which resulted in Light’s identification and arrest and the recovery of a substantial portion of the stolen cryptocurrency.

Alvin M. Winston Sr., the Special Agent in Charge of FBI Minneapolis, commented: “Cybercrime is not a victimless offense — its impact is felt by hardworking Americans who suffer financial and emotional harm. Today’s sentencing makes clear that cybercriminals who believe they can operate from the shadows without consequence are mistaken.”

Light was remanded to the custody of the US Marshals Service to continue serving his sentence.

He was also ordered to pay a $200 special assessment to the Federal Victims Fund and will be ordered to pay restitution for $37m. A hearing will be set later to determine restitution.

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