California Man Gets 70 Months in Prison for $260 Million Crypto Scam

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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
BTCUSD
from a single victim and funded an extravagant spending spree.

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 brazen it borders on the cartoonish. They stole millions, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes,” U.S. Attorney Jeanine Ferris Pirro said in a statement.

Ninth Plea in an Ongoing RICO Case

Tangeman pleaded guilty to RICO conspiracy on Dec. 8, 2025, before U.S. District Judge Colleen Kollar-Kotelly. His admission marked the ninth plea in the investigation.

After co-defendants Malone Lam and Jeandiel Serrano were arrested in September 2024, Tangeman directed Tucker Desmond to destroy the group’s digital devices.

Federal prosecutors continue to pursue additional defendants tied to the social engineering scheme. More sentencings expected in the months ahead.
source: https://www.tradingview.com/news/beincrypto:740688040094b:0-california-man-gets-70-months-in-prison-for-260-million-crypto-scam/