BroadChain News, April 26, 06:06, according to BeInCrypto, the U.S. Department of Justice announced that Evan Tangeman, a 22-year-old resident of Newport Beach, California, was sentenced to 70 months in federal prison for his involvement in a $263 million cryptocurrency theft and money laundering case. Tangeman admitted to transferring at least $3.5 million for an interstate criminal ring that stole over 4,100 Bitcoin from a single victim through social engineering tactics.
The criminal ring operated from October 2023 to May 2025, with members including database hackers, organizers, phone scammers, and burglars, specifically targeting hardware wallets. Using the aliases "E" and "Tate," Tangeman converted the stolen Bitcoin into fiat currency and collaborated with a Los Angeles real estate agent to purchase luxury homes worth between $4 million and $9 million for his accomplices.
Ring members used the illicit funds for extravagant spending, including nightclub services costing up to $500,000 per night, Rolex watches ranging from $100,000 to $500,000, and luxury cars valued between $100,000 and $3.8 million. Tangeman himself received a wide-body Lamborghini Urus as compensation, and federal agents also seized a 2022 Rolls-Royce Ghost and a Porsche GT3 RS from his residence.
Tangeman pleaded guilty to RICO conspiracy charges on December 8, 2025, becoming the ninth defendant in the case to do so. After co-defendants Malone Lam and Jeandiel Serrano were arrested in September 2024, Tangeman instructed Tucker Desmond to destroy the ring's digital devices. Federal prosecutors stated they will continue to pursue other involved individuals, with more sentences expected in the coming months.