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A 22-year-old man from California, Evan Tangeman of Newport Beach, has been sentenced to 70 months in federal prison for his role in laundering millions of dollars connected to a $263 million cryptocurrency theft, according to the U.S. Attorney’s Office for the District of Columbia.
Tangeman admitted to laundering at least $3.5 million for a multi-state group responsible for stealing more than 4,100 Bitcoin from a single victim. Prosecutors said the scheme involved moving stolen Bitcoin and helping the criminal network conceal its profits.
The laundering operation ran from October 2023 to May 2025. The group’s origins, prosecutors said, were tied to connections formed through online gaming platforms.
Prosecutors said Tangeman used aliases including “E,” “Tate,” and “Evan|Exchanger” to convert stolen cryptocurrency into fiat currency, allowing the group to spend freely. The broader operation reportedly included hackers, organizers, social engineers, and individuals who carried out physical burglaries targeting cryptocurrency hardware wallets.
Authorities also said Tangeman worked with real estate agents in Los Angeles to secure luxury properties for members of the operation. Prosecutors reported that many participants were unemployed and under 20 years old, yet lived in homes valued between $4 million and $9 million.
Prosecutors described extravagant spending using the laundered funds, including nightclub expenses that reached up to $500,000 in a single night. The group also purchased high-end Rolex watches worth up to $500,000 and exotic cars priced as high as $3.8 million.
Tangeman received a customized Lamborghini Urus, and authorities seized additional vehicles from his residence, including a Rolls-Royce Ghost and a Porsche GT3 RS.
Tangeman pleaded guilty to RICO conspiracy in December 2025, which prosecutors said was the ninth guilty plea in the case. Authorities also said he instructed an associate to destroy digital evidence following earlier arrests.
Federal prosecutors said they continue to pursue additional suspects connected to the cryptocurrency laundering network as part of ongoing efforts to crack down on large-scale crypto fraud and cybercrime.
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