California Man Gets 70 Months in Prison for $260 Million Crypto Scam
Evan Tangeman, a 22-year-old from California, was sentenced to 70 months in federal prison for laundering millions from a $263 million cryptocurrency theft involving over 4,100 BTC. The criminal enterprise, active from 2023 to 2025, used social engineering, hacking, and physical burglaries to steal and convert Bitcoin into luxury assets and cash. This case highlights ongoing federal efforts to combat large-scale crypto money laundering and fraud.
A California man received a 70-month federal prison sentence Friday for laundering millions of dollars from a $263 million crypto theft, the US Attorney’s Office for the District of Columbia announced. Evan Tangeman, 22, of Newport Beach, admitted moving at least $3.5 million for a multi-state crew that drained more than 4,100 Bitcoin (BTC) from a single victim and funded an extravagant spending spree. Evan Tangeman, 22, of Newport Beach, California, was sentenced today to 70 months in prison for laundering millions of dollars generated by an elaborate social engineering scheme orchestrated by a multi-state criminal enterprise that stole more than $263 million in cryptocurrency… pic.twitter.com/LwV1Usb0jY— U.S. Attorney DC (@USAO_DC) April 24, 2026 Inside the $263 Million Crypto Laundering Operation The enterprise ran from October 2023 through May 2025, growing out of friendships formed on online gaming platforms. It included database hackers, organizers, callers, and residential burglars who targeted hardware wallets, according to court filings tied to the heist. Tangeman, who used the aliases “E,” “Tate,” and “Evan|Exchanger,” converted stolen Bitcoin into fiat cash. He worked with Los Angeles real estate agents to procure mansions for co-conspirators. Many were unemployed men under age 20 with no legitimate income. Some properties carried valuations between $4 million and nearly $9 million. Lamborghinis, Rolexes, and Half-Million Dollar Bar Tabs Members of the group spent stolen crypto on nightclub services, up to $500,000 per evening; Rolex watches valued between $100,000 and $500,000; and a fleet of exotic cars priced between $100,000 and $3.8 million. Tangeman received a widebody Lamborghini Urus as compensation. Federal agents searching his home also seized a 2022 Rolls-Royce Ghost and a Porsche GT3 RS. The case echoes a wave of recent federal prosecutions targeting cryptocurrency money laundering networks. “This criminal enterprise was built on greed so b...
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