California money laundering offender sentenced to 70 months in prison for involvement in $263 million cryptocurrency theft case

Golden Finance reported that on April 25, according to the U.S. Department of Justice, 22-year-old Evan Tangman of Newport Beach, California, was sentenced by a federal court in Washington, D.C. to 70 months in prison and 3 years of supervised release for his role in a cross-state social engineering criminal ring, for which he helped launder at least $3.5 million.
The criminal group has been operating since October 2023, stealing more than $263 million in cryptocurrency through methods such as hacking and social engineering. Many of the members were underage or unemployed young people under 20, originating from online gaming platforms. Tangman was responsible for converting the stolen cryptocurrency into fiat currency and arranging the rental of luxury homes in locations such as Los Angeles and Miami for members of the group; he was also given luxury vehicles such as Bentley and Lamborghini as compensation. After the case was uncovered, Tangman also instructed accomplices to destroy digital devices to destroy evidence. This case was jointly investigated by the FBI’s Washington and Los Angeles and Miami field offices together with the IRS Criminal Investigation Division; so far, 9 people involved have already pleaded guilty.