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- Evan Tangemann, 22, of Newport Beach, California, was sentenced to 70 months in prison for laundering at least $3.5 million in stolen cryptocurrency funds.
- The criminal enterprise stole more than $263 million in cryptocurrencies through social engineering methods starting in October 2023.
- Tangeman directed the digital evidence to be destroyed after the co-conspirators were arrested, worsening the federal sentencing outcome.
- The stolen money paid for nightclub tickets, Lamborghinis and $500,000 worth of mansions rented for up to $80,000 a month across the United States.
A California man received a 70-month federal sentence Imprisonment On April 24, 2026, in Washington, D.C., Evan Tangemann, 22, of Newport Beach, was found guilty of laundering millions connected to a massive cryptocurrency theft.
The criminal enterprise stole more than $263 million through social engineering methods. Tangeman admitted to laundering at least $3.5 million for the group.
Judge Colleen Kollar-Kotelly also ordered supervised release for three years following his prison term.
The Newport Beach resident played a central role in a multi-state cryptocurrency scam ring
Tangeman operates under aliases including “E”, “Tate” and “Evan|Exchanger” within the criminal network. The Foundation was formed no later than October 2023 and continued until at least May 2025.
Members were recruited through friendships built on online gaming platforms california, Connecticut, New York, Florida, and abroad.
The group operated as an organized criminal operation with clearly defined roles. They included database hackers, organizers, target IDs, callers, and home burglars.
These thieves specifically targeted victims’ virtual currency wallets. Tangeman’s primary responsibility was to convert the stolen cryptocurrency into usable cash.
US Attorney Jeanine Ferris Pirro did not hesitate to describe the company’s behavior while issuing the ruling. “This criminal enterprise has been built on greed to the point that it verges on caricature.” Pirro said.
She added that the membersHe stole millions, spending them on half-a-million-dollar nightclub signs, Lamborghinis, and Rolexes.The statement drew attention to how openly the group flaunted its stolen wealth.
Biro also addressed Tangemann’s role specifically, noting that it went beyond simple money laundering. “Evan Tangemann was not Money laundering that fueled this lifestyle.” She declared.
“When his co-conspirators were arrested, he moved to destroy the evidence. She described this act as a clear awareness of guilt, which the office and court treated accordingly during sentencing.
The extravagant lifestyle was financed with stolen cryptocurrencies before federal agents moved in
The criminal enterprise used the stolen funds to maintain an openly lavish lifestyle. Tabs at the nightclub reached $500,000 in one evening.
Members handed out luxury handbags worth tens of thousands of dollars at those same events. Watches worth between $100,000 and over $500,000 were popular purchases within the group.
The organization also maintained homes for rent at one time los angeles, Hamptons, and Miami. Monthly rents ranged between $40,000 and $80,000, and the value of some properties ranged between approximately $4 million and $9 million.
Private jets covered travel expenses, while the personal security team remained on the regular payroll. A fleet of exotic cars ranging in value from $100,000 to $3.8 million completed the group’s spending profile.
Tangeman personally benefited from the stolen funds beyond money laundering kickbacks. Co-defendant Malone Lam arranged to purchase a wide-body Lamborghini Urus specifically for Tangeman.
Federal agents later seized a black 2022 Rolls Royce Ghost worth more than $300,000 and a Porsche GT3 RS from his Newport Beach residence while executing a search warrant.
Tangeman’s guilty plea on December 8, 2025 was the ninth plea resulting from this investigation. the Federal Bureau of Investigation The IRS Washington Field Office and Criminal Investigations led the case, with additional support from federal offices in Los Angeles, Miami, California, Florida and New Jersey. Assistant U.S. Attorney Will Hart of the Fraud, Public Corruption and Civil Rights Section prosecuted the matter.
