California man sentenced to 70 months for money laundering for "Crypto kids," involved in scams exceeding $263 million

According to the Los Angeles Times, a 22-year-old man from Newport Beach, California, named Evan Tangeman, was sentenced by a federal judge to 70 months in prison for money laundering by a group of young scam artists known as the “crypto kids,” along with 3 years of supervised release. Prosecutors said the group used “social engineering” to impersonate staff from exchanges such as Coinbase and Gemini to coax victims into handing over account information, stealing more than $263 million in cryptocurrency in total. Tangeman pleaded guilty to assisting in laundering at least $3.5 million and to helping rent luxury homes. His compensation included luxury cars such as a Lamborghini and a Porsche. Law enforcement seized a 2022 Rolls-Royce Ghost and a Porsche GT3 RS at his residence, and said he instructed accomplices to destroy the relevant electronic devices after some members were arrested.