22-Year-Old California Money Launderer Sentenced to 70 Months Over $263M Cryptocurrency Heist

TLDR:

• Evan Tangeman, 22, of Newport Beach, CA, was sentenced to 70 months for laundering at least $3.5M in stolen crypto funds.
• The criminal enterprise stole over $263M in cryptocurrency through social engineering tactics starting in October 2023.
• Tangeman directed destruction of digital evidence after co-conspirators were arrested, worsening his federal sentencing outcome.
• Stolen funds paid for $500K nightclub tabs, Lamborghinis, and mansions rented at up to $80,000 per month across the U.S.

A California man received a 70-month federal prison sentence on April 24, 2026, in Washington, D.C. Evan Tangeman, 22, of Newport Beach, was convicted for laundering millions tied to a massive cryptocurrency theft.

The criminal enterprise stole more than $263 million through social engineering tactics. Tangeman admitted to laundering at least $3.5 million for the group.

Judge Colleen Kollar-Kotelly also ordered three years of supervised release following his prison term.

Newport Beach Resident Played Central Role in Multi-State Crypto Fraud Ring

Tangeman operated under aliases including “E,” “Tate,” and “Evan|Exchanger” within the criminal network. The enterprise formed no later than October 2023 and continued through at least May 2025.

Members were recruited through friendships built on online gaming platforms across California, Connecticut, New York, Florida, and abroad.

The group functioned as a structured criminal operation with clearly defined roles. It included database hackers, organizers, target identifiers, callers, and residential burglars.

Those burglars specifically targeted hardware virtual currency wallets belonging to victims. Tangeman’s primary responsibility was converting stolen cryptocurrency into usable cash.

U.S. Attorney Jeanine Ferris Pirro did not hold back in describing the enterprise’s conduct during sentencing. “This criminal enterprise was built on greed so brazen it borders on the cartoonish,” Pirro said.

She added that members “stole millions, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes.” The statement drew attention to just how openly the group flaunted its stolen wealth.

Pirro also addressed Tangeman’s role specifically, noting it went beyond simple money laundering. “Evan Tangeman didn’t just launder the money that fueled that lifestyle,” she stated.

“When his co-conspirators were arrested, he moved to destroy the evidence.” She called that act a clear consciousness of guilt, one the office and court treated accordingly during sentencing.

Stolen Crypto Funded Extravagant Lifestyle Before Federal Agents Moved In

The criminal enterprise used stolen funds to sustain an openly lavish lifestyle. Nightclub tabs reached as high as $500,000 in a single evening.

Members distributed luxury handbags worth tens of thousands of dollars at those same events. Watches valued between $100,000 and over $500,000 were common purchases within the group.

The enterprise also maintained rental homes simultaneously in Los Angeles, the Hamptons, and Miami. Monthly rents ranged from $40,000 to $80,000, with some properties valued between $4 million and nearly $9 million.

Private jets covered travel expenses, while a personal security team remained on regular payroll. A fleet of exotic cars ranging from $100,000 to $3.8 million completed the group’s spending profile.

Tangeman personally benefited from the stolen funds beyond his laundering commissions. Co-defendant Malone Lam arranged the purchase of a widebody Lamborghini Urus specifically for Tangeman.

Federal agents later seized a black 2022 Rolls Royce Ghost worth over $300,000 and a Porsche GT3 RS from his Newport Beach residence during a search warrant execution.

Tangeman’s guilty plea on December 8, 2025, marked the ninth plea resulting from this investigation. The FBI’s Washington Field Office and IRS Criminal Investigation led the case, with additional support from federal offices in Los Angeles, Miami, California, Florida, and New Jersey. Assistant U.S. Attorney Will Hart of the Fraud, Public Corruption, and Civil Rights Section prosecuted the matter.

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