California Man Gets 70 Months for Laundering Millions From $263 Million Bitcoin Theft

[lingriiddd]

A 22-year-old California man has been sentenced to 70 months in federal prison for his role in one of the most brazen cryptocurrency theft and laundering operations in recent memory. Evan Tangeman of Newport Beach admitted to laundering at least $3.5 million for a multi-state crew that stole more than 4,100 Bitcoin — worth approximately $263 million — from a single victim between October 2023 and May 2025. The enterprise grew out of friendships formed on online gaming platforms and included database hackers, organizers, callers, and residential burglars who physically targeted hardware wallets. Tangeman, who operated under the aliases "E," "Tate," and "Evan|Exchanger," converted stolen Bitcoin into fiat cash and worked with Los Angeles real estate agents to secure multimillion-dollar mansions for co-conspirators — many of whom were unemployed men under the age of 20 with no legitimate income. Properties acquired ranged in value from $4 million to nearly $9 million.

Tangeman pleaded guilty to RICO conspiracy in December 2025, marking the ninth plea in an ongoing federal investigation. His sentencing came before U.S. District Judge Colleen Kollar-Kotelly, and federal prosecutors have indicated that additional defendants remain in their sights with more sentencings expected in the months ahead. After two co-defendants were arrested in September 2024, Tangeman directed another member of the group to destroy the crew's digital devices in an attempt to obstruct the investigation — an action that likely factored into the severity of his sentence.

[tradelikepro]

The laundering case reinforces why exchanges and real estate channels are under increasing scrutiny globally

[cryptoenthusiast]

got busted so dumb lol

[JanEmil]

How do they learn stuff like this?