Federal authorities have cracked the code on a massive cryptocurrency theft operation, as the Department of Justice announced the dismantling of a sophisticated criminal network responsible for stealing approximately $263 million in digital assets from victims worldwide.
According to the December 8, 2025 press release, the lead defendant, known only by the alias “Evan,” pleaded guilty in the U.S. District Court for the District of Columbia to charges stemming from coordinated attacks on crypto accounts.
The case represents a dual-pronged enforcement action featuring both Evan’s guilty plea and a superseding indictment that adds new defendants and expands charges against the remaining conspirators.
The criminal enterprise operated like digital pickpockets on steroids, employing social engineering tactics including SIM-swapping (essentially hijacking a victim’s phone number), phishing, and impersonation techniques.
Modern crypto thieves: social engineers who phish, swap SIMs, and impersonate their way into digital fortunes.
Their targets? High-net-worth individuals, early crypto adopters, and active traders with substantial balances on cryptocurrency exchanges and wallet services.
“Evan” served as the operation’s maestro, directing a team of technical specialists who executed precision attacks.
Think of it as a crypto-heist movie where instead of drilling into vaults, criminals manipulated customer support representatives and account recovery processes to gain unauthorized access.
Once inside accounts, the thieves worked with alarming efficiency, conducting coordinated login attempts and password resets in narrow time windows.
The stolen crypto—a mix of major cryptocurrencies and stablecoins—was quickly shuffled through multiple wallets and exchange accounts, creating a digital shell game to obscure the money trail.
The scheme’s transnational nature complicated enforcement efforts, with victims and compromised accounts spanning multiple jurisdictions. The case was initially investigated by the NCET before merging with the Computer Crime and Intellectual Property Section in July 2023, streamlining the government’s approach to cryptocurrency crime enforcement.
For many victims, the attacks resulted in complete depletion of their crypto holdings, causing devastating financial losses.
Investors are strongly encouraged to stay vigilant against similar scams by watching for warning signs like unsolicited investment opportunities and pressure tactics.
This case reflects the DOJ’s prioritized investigations of conduct that directly victimizes investors through embezzlement and scams, even after the National Cryptocurrency Enforcement Team was disbanded in April 2025.
This enforcement action aligns with the DOJ’s continued focus on digital asset scams and investor-victim cases, demonstrating that despite the disbanding of the National Cryptocurrency Enforcement Team, federal authorities remain committed to pursuing crypto criminals.
