Crypto Money Launderer Sentenced to 70 Months in $263M Theft Ring

Evan Tangeman, a 22-year-old from Newport Beach, California, was sentenced to 70 months in federal prison for his role in a $263 million cryptocurrency theft ring that grew out of friendships formed on online gaming platforms. Tangeman pleaded guilty to RICO conspiracy charges after admitting he converted at least $3.5 million in stolen cryptocurrency into cash, leased luxury homes under fake names, and directed evidence destruction after co-conspirators were arrested. The ring's largest theft occurred in August 2024 when more than 4,100 BTC worth roughly $230 million were stolen from a single Washington, D.C. victim. The operation involved specialized roles including database hackers, callers posing as support staff, and burglars targeting hardware wallets, with members using stolen funds to finance Lamborghinis, Rolexes, and mansions renting for up to $80,000 monthly. Co-defendants Malone Lam and Jeandiel Serrano were arrested in September 2024, with three additional defendants added in a December superseding indictment as the FBI and IRS investigation continues.

Sentencing and Criminal Charges Against Evan Tangeman

• ▪U.S. District Judge Colleen Kollar-Kotelly handed down Evan Tangeman's sentence in the District of Columbia.
• ▪Evan Tangeman, a 22-year-old California resident from Newport Beach, was sentenced to 70 months in federal prison on Friday.
• ▪Evan Tangeman used online aliases including "E," "Tate," and "Evan|Exchanger."
• ▪Evan Tangeman admitted to converting at least $3.5 million in stolen cryptocurrency into cash through a bulk-cash converter.
• ▪Evan Tangeman pleaded guilty in December to a Racketeer Influenced and Corrupt Organizations conspiracy charge.
• ▪Evan Tangeman directed the destruction of evidence after several co-conspirators were arrested in 2024.

Structure and Operations of the Cryptocurrency Theft Ring

• ▪The stolen 4,100 BTC from the August 2024 theft is now worth more than $321 million at current prices.
• ▪The cryptocurrency theft ring stole around $263 million in digital assets from victims across multiple states.
• ▪The August 2024 theft of more than 4,100 BTC was valued at roughly $230 million at the time of the theft.
• ▪The cryptocurrency theft ring's largest known theft occurred in August 2024 when more than 4,100 BTC were drained from a single Washington, D.C. victim.

Lavish Spending and Lifestyle Funded by Stolen Assets

• ▪Federal agents seized a 2022 Rolls-Royce Ghost and a Porsche GT3 RS from Evan Tangeman's home.
• ▪Members of the cryptocurrency theft ring rented mansions in Los Angeles, the Hamptons, and Miami for between $40,000 and $80,000 a month.

Scope of Investigation and Additional Defendants

• ▪Co-defendants Malone Lam and Jeandiel Serrano were arrested and charged in September 2024.
• ▪A second superseding indictment was unsealed in December that added three more defendants: Nicholas Dellecave, Mustafa Ibrahim, and Danish Zulfiqar.

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