Evan Tangeman, a 22-year-old California resident from Newport Beach, has been sentenced to 70 months in federal prison for laundering funds tied to a large scale crypto theft operation. The case, handled in the District of Columbia, also includes three years of supervised release following his prison term.
Authorities say the operation stole roughly $263 million in digital assets between October 2023 and May 2025 through social engineering scams and residential burglaries targeting hardware wallets. The group reportedly operated across multiple U.S. states and abroad, coordinating roles such as hackers, callers impersonating exchange support, and burglars.
Laundering Activities and Criminal Network Structure
Tangeman admitted to laundering at least $3.5 million in stolen cryptocurrency by converting it into cash through bulk cash services. He also used fake identities to lease luxury properties for members of the syndicate and allegedly helped conceal evidence after arrests in 2024.
The case is linked to co-defendants including Malone Lam and Jeandiel Serrano, who were charged following a September 2024 indictment. Prosecutors say the group emerged from online gaming communities and expanded into a structured criminal enterprise.
Large-Scale Theft and Asset Seizures
One of the largest incidents involved the theft of more than 4,100 BTC from a Washington, D.C. victim in August 2024, valued at around $230 million at the time. Federal investigators, including the FBI and IRS Criminal Investigation, also seized luxury assets such as high-end vehicles and properties linked to the group.
Authorities say the investigation remains ongoing as additional defendants face charges connected to the broader crypto theft network.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.