Evan Frederick Light, a 21-year-old from Indiana, confessed to stealing $37,704,560 worth of crypto from 571 victimsin an attackthat took place in 2022.
The US Department of Justice reported that Light stole the crypto from an anonymous investment holding company based in Sioux Falls, South Dakota.
According to BleepingComputer, Light said he and an associate (s) stole the identity of a legitimate customer of the company to gain access to its servers. They then exploited vulnerabilities to further infiltrate the network.
See also: Linux malware “perfctl” used for cryptomining
Thus, they stole the personal information of the company's customers, which was used to steal their crypto.
In total, Light says he stole $37,704,560 worth of crypto from 571 victims. He then moved it to various coin-mixing services and gambling websites to hide the theft and his true identity.
However, the FBI was able to track down Light and arrest him. In May 2023, charges were announced against him. Initially, Light tried to deny the charges, but eventually admitted guilt . Now, he faces up to 20 years in prison on each count, and may also be ordered to pay restitution to the victims, although authorities have not yet announced the seizure of any of the 21-year-old's assets.
See also: Crypto wallets targeted via malicious Python packages
For the best crypto security, it is recommended to use cold wallets, which store coins offline and are less prone to hacking. They allow for multi-factor authentication protection and restrict the sharing of sensitive information online.
You should also be wary of scams phishing and only transact through trusted platforms. It is helpful to do research and have a basic understanding of potential scams and tactics used by cybercriminals. It is also important to regularly monitor accounts for any suspicious activity and report it immediately.
Protecting crypto involves a combination of secure storage, strong authentication methods, careful online behavior, and awareness of potential threats.
A recent FBI report showed that financial losses related to crypto fraud and theft exceeded $5.6 billion in 2023. Additionally, the FBI ’s Cybercrime Complaint Center received more than 69,000 complaints regarding these scams .
See also: Google Play: Fake WalletConnect app stole users' crypto
Are you a target of crypto fraud? What should you do, according to the FBI?
- File a complaint through IC3.gov, even if you didn't lose money
- Provide transaction details, including crypto addresses, crypto amounts and types, transaction hashes, and transaction dates and times.
- Share details about how you met the scammer, communication platforms, and any domains involved.
- Be careful with crypto recovery services, especially those that charge an upfront fee.
Source: www.bleepingcomputer.com
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