A California man has been sentenced to 70 months in federal prison for laundering millions in stolen cryptocurrency. Evan Tangeman, 22, of Newport Beach, admitted to laundering at least $3.5 million for a criminal enterprise that allegedly stole over $263 million in crypto.
The organization, which operated from October 2023 to May 2025, grew from friendships formed on online gaming platforms.
When law enforcement searched Tangeman's residence, they seized luxury vehicles, including a 2022 Rolls Royce Ghost and a Porsche GT3 RS.
Prosecutors noted Tangeman's attempts to destroy evidence after his co-conspirators were arrested, citing it as an obstruction of justice that influenced his sentencing. This case marks the ninth guilty plea in the ongoing federal investigation into the $263 million social-engineering scheme.