A money launderer for a major cryptocurrency theft ring, allegedly led by Singaporean Malone Lam, has been sentenced to 70 months in a U.S. federal court. Evan Tangeman, 22, admitted to laundering at least $3.5 million for a criminal enterprise that stole over $263 million through a social engineering scheme.
The group used stolen funds for lavish lifestyles, including luxury cars and high spending at nightclubs. Tangeman played a key role, converting crypto to cash and securing high-value rental properties for members. Some properties were valued between $4 million and $9 million.
Prosecutors stated Tangeman received luxury cars, including a Lamborghini Urus purchased by alleged ringleader Lam. When co-conspirators were arrested, Tangeman directed another member to destroy digital evidence, which authorities viewed as a consciousness of guilt.
Tangeman was among several individuals charged in the scheme. He pleaded guilty to racketeering conspiracy (RICO) and was ordered to serve three years of supervised release post-prison.