Hacker Pleads Guilty to $37M Crypto Theft, Faces 20-Year Sentence

After a year-long legal battle, 21-year-old Evan Frederick Light has pled guilty to stealing over $37 million in cryptocurrency. The final hearing was held on September 30 in South Dakota, with the official report published by the U.S. government on October 1.

According to a press release, the Indiana resident hacked into the servers of a holding company, gaining access to the personal data of its investors. Over 600 individuals were affected, with total losses amounting to $37 million.

Press Release from the United States Attorney's Office. Source: justice.gov

Light and his accomplices used cryptocurrency mixers and various websites, including online gambling platforms, to conceal the origins of the stolen assets.

Evan first appeared in court on June 12, 2023, at which time he pleaded not guilty. Court documents reveal that his hacking activities occurred from 2021 until May 2023.

He now faces up to 20 years in prison, potential fines, three years of supervised release, and a $200 fee to the Federal Crime Victims Fund. His guilty plea is likely part of a plea deal to reduce his sentence.

Many hackers now have the opportunity to work voluntarily with cryptocurrency platforms, identifying security issues and refining code to make systems safer. It’s not far-fetched to imagine a future where the digital economy offers convicted black hat hackers a way to serve society by helping improve blockchain security.