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

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.

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.

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.

The post California Man Gets 70 Months in Prison for $260 Million Crypto Scam appeared first on BeInCrypto.

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