A federal court in Washington has sentenced 22-year-old Evan Tangeman from California to 70 months in prison for his involvement in a large-scale cryptocurrency money laundering scheme. Over two years, the criminal group, which included Tangeman, stole more than $263 million in crypto assets using various methods—from hacking attacks to the physical theft of hardware wallets.
This is reported by Business • Media
Scale of the Criminal Network and Lavish Lifestyle
According to the U.S. Attorney’s Office for the District of Columbia, the criminal organization operated at least from October 2023 to May 2025. Its members included hackers, organizers, social engineering operators, and individuals engaged in the physical extraction of cryptocurrency wallets. The stolen funds were used to support an excessively lavish lifestyle.
Participants spent hundreds of thousands of dollars in nightclubs in a single evening, purchased luxury cars including Lamborghinis, Porsches, and Rolls-Royces, as well as expensive watches worth up to $500,000. The group rented houses in prestigious areas of Los Angeles, Miami, and the Hamptons, paying between $40,000 and $80,000 per month.
Plea Agreement and Attempts to Conceal Evidence
In December 2025, Tangeman pleaded guilty to conspiracy under the RICO Act (Racketeer Influenced and Corrupt Organizations Act). The investigation revealed that he helped launder at least $3.5 million by converting stolen crypto assets into fiat money and participated in transactions involving the purchase of real estate and luxury items. After the arrest of some participants, Tangeman attempted to destroy digital devices to conceal evidence of criminal activity.
“The group stole over $263 million and spent the money on a lavish lifestyle.”
In addition to the prison sentence, the court ordered Tangeman to undergo three years of supervised release after serving his main sentence. The investigation was conducted by the Federal Bureau of Investigation in conjunction with the U.S. Internal Revenue Service. So far, nine individuals have pleaded guilty in the case, which remains one of the largest in U.S. history concerning cryptocurrency theft and money laundering.