Analyst: California man sentenced to 70 months for laundering $3.5 million

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CryptoWorld News reports, citing The Daily HODL, that the U.S. Department of Justice stated that 22-year-old California man Evan Tangeman was sentenced to 70 months for his involvement in a cryptocurrency criminal enterprise valued at $263 million. He admitted to laundering at least $3.5 million in stolen digital assets and operated online under identities such as “e,” “tate,” and “evan|exchanger,” converting the stolen cryptocurrencies into cash. Tangeman rented a luxury residence and accepted luxury cars such as a Lamborghini Urus as payment; law enforcement seized a Rolls-Royce Phantom and a Porsche GT3 RS from his home. Prosecutor Jeanine Ferris Pirro said the scheme showed “such naked greed that it almost became cartoonish.”

The enterprise began in October 2023 and continued until May 2025. Members formed friendships on online gaming platforms and involved members from California, Connecticut, New York, Florida, and overseas. Tangeman was the ninth person to plead guilty in the case.

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