California Man Gets 70 Months in Prison for $260 Million Crypto Scam
A California man acquired a 70-month federal jail sentence (*70*) for laundering hundreds of thousands of {dollars} from a $263 million crypto theft, the US Attorney’s Office for the District of Columbia introduced.
Evan Tangeman, 22, of Newport Beach, admitted transferring a minimum of $3.5 million for a multi-state crew that drained greater than 4,100 Bitcoin (BTC) from a single sufferer and funded an extravagant spending spree.
Inside the $263 Million Crypto Laundering Operation
The enterprise ran from October 2023 by means of May 2025, rising out of friendships fashioned on on-line gaming platforms. It included database hackers, organizers, callers, and residential burglars who focused {hardware} wallets, in keeping with courtroom filings tied to the heist.
Tangeman, who used the aliases “E,” “Tate,” and “Evan|Exchanger,” transformed stolen Bitcoin into fiat money. He labored with Los Angeles actual property brokers to obtain mansions for co-conspirators.
Many have been unemployed males underneath age 20 with no official revenue. Some properties carried valuations between $4 million and practically $9 million.
Lamborghinis, Rolexes, and Half-Million Dollar Bar Tabs
Members of the group spent stolen crypto on nightclub providers, as much as $500,000 per night; Rolex watches valued between $100,000 and $500,000; and a fleet of unique vehicles priced between $100,000 and $3.8 million.
Tangeman acquired a widebody Lamborghini Urus as compensation. Federal brokers looking his house additionally seized a 2022 Rolls-Royce Ghost and a Porsche GT3 RS. The case echoes a wave of latest federal prosecutions targeting cryptocurrency money laundering networks.
“This prison enterprise was constructed on greed so brazen it borders on the cartoonish. They stole hundreds of thousands, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes,” U.S. Attorney Jeanine Ferris Pirro stated in a statement.
Ninth Plea in an Ongoing RICO Case
Tangeman pleaded guilty to RICO conspiracy on Dec. 8, 2025, earlier than U.S. District Judge Colleen Kollar-Kotelly. His admission marked the ninth plea in the investigation.
After co-defendants Malone Lam and Jeandiel Serrano have been arrested in September 2024, Tangeman directed Tucker Desmond to destroy the group’s digital units.
Federal prosecutors proceed to pursue extra defendants tied to the social engineering scheme. More sentencings anticipated in the months forward.
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