(WXIN/WTTV): A Lebanon man has pled guilty to multiple charges connected to a cyber intrusion case that led to the theft of over $37 million from hundreds of victims. According to the US Department of Justice, 21-year-old Evan Frederick Light pled guilty to conspiracy to commit wire fraud and conspiracy to launder monetary instruments on Sept. 30. Federal authorities launched an investigation into Light in February of 2022 when they were alerted to the cyber-intrusion of an investment holdings company located in Sioux Falls, South Dakota. Light admitted to stealing cryptocurrency valued at over $37 million from nearly 600 people. Light managed to infiltrate the identity of a real client that receives services from the investment holdings company and "unlawfully utilized that identity to infiltrate the investment holdings company’s computer servers," according to the Justice Department. Once Light was active on the company's computer servers, the Justice Department said he extracted the PII of additional clients from the computer servers to take virtual currencies that were being held as assets with the company. The stolen cryptocurrency was distributed to locations around the world, including gambling websites and other services in an apparent attempt to conceal Light's identity. The total loss was projected to come to around $37 million. The Justice Department said Light acted with one or more unidentified perpetrators. The investigation was led by the FBI until Light was apprehended by the U.S. Marshals Service. “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.” According to the Justice Department, the maximum penalty for each count Light pled guilty to stands at 20 years in prison, three years of supervised release and a $200 special assessment to the Federal Crime Victims Fund. Light could also be ordered to pay restitution fees to the victims in this case. As of this article's publication, a sentencing date for Light has not been set.