California Money Launderer Sentenced to 70 Months for Involvement in $263 Million Cryptocurrency Theft

On April 25, the U.S. Department of Justice announced that 22-year-old Evan Tangman from Newport Beach, California, was sentenced to 70 months in prison and three years of supervised release by a federal court in Washington, D.C. for his involvement in an interstate social engineering crime group that assisted in laundering at least $3.5 million. The group has been operating since October 2023, stealing over $263 million in cryptocurrency through hacking and social engineering tactics, with many members being unemployed youths under 20 years old, originating from online gaming platforms. Tangman was responsible for converting the stolen cryptocurrency into fiat currency and renting luxury homes for group members in cities like Los Angeles and Miami, receiving luxury cars such as Bentleys and Lamborghinis as payment. After the incident, Tangman also instructed his accomplices to destroy digital devices to eliminate evidence. The case is being jointly investigated by the FBI’s Washington, Los Angeles, and Miami offices along with the IRS Criminal Investigation Division, and nine individuals involved have already pleaded guilty.