A California man received a 70-month federal prison sentence on Friday for laundering millions of dollars from a $263 million cryptocurrency heist, the U.S. Attorney’s Office for the District of Columbia announced.
Evan Tangemann, 22, of Newport Beach, admitted to moving at least $3.5 million for a multi-state crew who drained more than 4,100 bitcoins (BTC) from a single victim and financed an extravagant spending spree.
Inside the $263 million cryptocurrency laundering operation
The organization ran from October 2023 until May 2025, as a result of friendships formed on online gaming platforms. That operation involved database hackers, organizers, callers and home burglars targeting hardware wallets, according to court filings linked to the theft.
Tangeman, who used the aliases “E,” “Tate,” and “Evan|Exchanger,” converted the stolen bitcoin into fiat money. He worked with Los Angeles real estate agents to purchase mansions for the co-conspirators.
Many of them were unemployed men under the age of 20 who had no legitimate income. Some properties carry appraisals ranging from $4 million to nearly $9 million.
Lamborghinis, Rolexes, and half a million dollar bar tabs
Group members spent Stolen encryption and on nightclub services, up to $500,000 per evening; Rolex watches worth between $100,000 and $500,000; And a fleet of exotic cars, ranging in price from $100,000 to $3.8 million.
Tangeman received a wide-body Lamborghini Urus as compensation. Federal agents who searched his home also seized a 2022 Rolls Royce Ghost and a Porsche GT3 RS. This case reflects a wave of recent federal prosecutions Targeting money laundering networks with cryptocurrencies.
“This criminal enterprise is built on greed to the point of bordering on caricature,” US Attorney Jeanine Ferris Pirro said in a statement. “They stole millions, spending them on half-a-million-dollar nightclub tickets, a Lamborghini, and a Rolex.” statement.
Ninth appeal in ongoing RICO case
Tangemann pleaded sinner for RICO conspiracy on December 8, 2025, before U.S. District Judge Colleen Kollar Cutelli. His confession was the ninth petition in the investigation.
Following the arrest of co-defendants Malone Lam and Jindel Serrano in September 2024, Tangman Tucker directed Desmond to destroy the group’s digital devices.
Federal prosecutors continue to pursue additional defendants connected to the case Social engineering scheme. More rulings are expected in the coming months.
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