California Man Sentenced to Prison for $263 Million Cryptocurrency Heist

A 22-year-old man from Newport Beach, California has been sentenced to 70 months in federal prison for his role in a sprawling cryptocurrency heist. The scheme, which involved a group of individuals from various states and countries, used social engineering tactics to steal digital wallets and launder the funds through luxury purchases.

The defendant, who was identified as Evan Tangeman, admitted to laundering at least $3.5 million for the crew. He also worked with real estate agents in Los Angeles to rent huge mansions for the group, using proceeds from the cryptocurrency fraud scheme. The homes rented by the group were worth millions of dollars.

Tangeman's role in the scheme was to turn stolen cryptocurrency into usable cash. He used various online names, including 'E', 'Tate', and 'Evan|Exchanger'. When agents searched his place, they seized a black 2022 Rolls-Royce Ghost worth more than $300,000 and a white-and-black Porsche GT3 RS.

The scheme targeted crypto owners across the country with clever scams that often began with hacked data or phone calls impersonating tech support or investment firms. Once they had access to wallets, the money flowed out fast, and Tangeman helped hide the trail so the thieves could enjoy the cash without raising red flags.