SoCal Man Sentenced to Prison for Laundering $263 Million in Stolen Cryptocurrency, Living Extravagantly
Newport Beach, CA — A 22-year-old Southern California man has been sentenced to nearly six years in federal prison for laundering $263 million in stolen cryptocurrency, U.S. authorities announced Friday. Evan Tangeman, who also went by the aliases “E,” “Tate,” and “Evan|Exchanger,” was involved in an elaborate criminal operation that funded a “fantastically extravagant” lifestyle, according to U.S. Attorney Jeanine Pirro.
Tangeman was sentenced to 70 months in prison and three years of supervised release by U.S. District Court Judge Colleen Kollar-Kotelly after pleading guilty on Dec. 8, 2025, to participating in a racketeering conspiracy (RICO). He admitted to laundering at least $3.5 million of the stolen funds on behalf of the larger multi-state criminal enterprise.
A Criminal Network Fueled by Cryptocurrency Theft
The crimes occurred between October 2023 and May 2025 and involved co-conspirators located across California, Connecticut, Florida, New York, and even abroad. According to the U.S. Attorney’s Office, the criminal group was made up largely of friends who initially connected through online video games. Members specialized in various roles, including hacking databases, identifying targets, conducting burglaries focused on stealing hardware cryptocurrency wallets, and laundering the stolen digital assets.
Tangeman played a critical role in laundering the massive proceeds by converting the stolen cryptocurrency into cash and facilitating high-value real estate rentals, luxury purchases, and other extravagant expenditures. The group spent lavishly on luxury handbags, watches, designer clothing, nightclub parties with half-million-dollar tabs, and a fleet of luxury vehicles, ranging from $100,000 up to $3.8 million.
Extravagance and Attempts to Destroy Evidence
Authorities seized high-end cars from Tangeman’s residence during the investigation, including a 2022 Rolls-Royce Ghost valued at over $300,000 and a black and white Porsche GT3 RS. They also discovered that the conspirators rented mansions in Los Angeles, the Hamptons, and Miami for $40,000 to $80,000 per month each, often utilizing these residences to shield their operations from law enforcement scrutiny.
U.S. Attorney Pirro highlighted Tangeman’s brazen conduct, noting that when some of his co-conspirators were arrested, he instructed others to destroy digital devices that contained evidence of the crimes, signaling "consciousness of guilt." “This criminal enterprise was built on greed so brazen it borders on the cartoonish,” Pirro said, emphasizing the group’s reckless use of stolen millions on luxury cars, Rolex watches, and nightclub splurges.
Ongoing Investigation and Broader Impact
Tangeman was the ninth individual to accept a plea deal in the ongoing federal investigation conducted by the U.S. Attorney’s Office, FBI, and IRS Criminal Investigation division. The combined efforts aim to dismantle the complex web of criminal activities involving cryptocurrency theft, money laundering, and associated violent and property crimes.
Authorities continue to investigate the case, targeting other members of the criminal network and seeking further evidence to prosecute those involved in this massive multi-state operation.
This story is developing. For updates, stay tuned to KTLA News.