A California man received a 70-month prison sentence on Friday for embezzling millions of dollars from a $263 million cryptocurrency heist, the US Attorney’s Office for the District of Columbia announced.
Evan Tangeman, 22, of Newport Beach, agreed to transfer at least $3.5 million to an international group that produced more than 4.
Inside the $263 Million Crypto Laundering Operation
The business started in October 2023 until May 2025, growing from the relationships created on online gaming platforms. It included hackers, hackers, phone callers, and burglars looking for hardware wallets, according to court filings related to the attack.
Tangeman, who used the aliases “E,” “Tate,” and “Evan|Exchanger,” converted the stolen Bitcoin into fiat currency. He worked with real estate agents in Los Angeles to find homes for conspirators.
Most were unemployed men under the age of 20 with no formal income. Other properties were priced between $4 million and nearly $9 million.
Lamborghinis, Rolexes, and Half-Million Dollar Bar Tabs
Members of the group destroyed stolen crypto for night clubs, up to $500,000 per night; Rolex watches cost between $100,000 and $500,000; and a group 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 parallels a spate of recent federal cases tracking cryptocurrency mining networks.
“This criminal organization was built on greed to the point of cartoonishness. They stole millions, spent half dollars, Lamborghinis, and Rolexes,” said US Attorney Jeanine Ferris Pirro. words.
Seventh Petition in Continued RICO Case
Tangeman pleaded guilty to the RICO conspiracy on Dec. 8, 2025, before US District Judge Colleen Kollar-Kotelly. His plea became the ninth plea in the investigation.
After co-defendants Malone Lam and Jeandiel Serrano were arrested in September 2024, Tangeman ordered Tucker Desmond to destroy the group’s digital assets.
Federal prosecutors continue to pursue other defendants arrested by social engineering scheme. More sanctions are expected in the coming months.
A note California Man Gets 70 Months in Prison for $260 Million Crypto Scam appeared for the first time BeInCrypto.
