Techub News reports that, according to Decrypt, the U.S. Attorney’s Office in Washington, D.C. announced that a 22-year-old man from California has been sentenced to 70 months in prison for involvement in cryptocurrency money-laundering activities. Prosecutors said the man handled proceeds for a multi-state criminal enterprise that stole more than $263 million worth of cryptocurrency using social engineering methods.

The criminal enterprise carried out theft through meticulously planned social engineering scams, using deception such as impersonation to gain victims’ trust and transfer assets. At present, the handling of other individuals involved has not been disclosed, aside from the money launderer. The U.S. Department of Justice said it will continue to pursue other participants in the criminal network and track where the stolen funds went.