SoCal Man Sentenced to Prison for Laundering $263 Million in Stolen Cryptocurrency, Living ‘Fantastically Extravagant’ Lifestyle
Newport Beach, CA — A 22-year-old Southern California man was sentenced Friday to nearly six years in federal prison for his role in laundering $263 million in stolen cryptocurrency that funded a lavish and extravagant lifestyle. Evan Tangeman, also known by online aliases such as “E,” “Tate,” and “Evan|Exchanger,” pleaded guilty last December to participating in a racketeering conspiracy related to the high-profile crypto theft.
U.S. Attorney Jeanine Pirro announced that Tangeman was a key player in a multi-state criminal enterprise that orchestrated an elaborate social engineering scheme to steal vast sums of digital currency. Between October 2023 and May 2025, the criminal group, consisting of members in California, Connecticut, Florida, New York, and even abroad, exploited weaknesses in virtual currency systems and targeted individuals’ digital wallets. Notably, many members of the group were young, in some cases under 20 years old, and connected through online gaming platforms, highlighting the modern nature of this criminal network.
Tangeman functioned primarily as the group’s money launderer. His role involved converting stolen cryptocurrency into U.S. dollars and facilitating spending on high-end lifestyles. Evidence revealed that the co-conspirators, including Tangeman, used stolen funds to cover half-million-dollar nightclub tabs, acquire luxury cars ranging from Lamborghinis to a $3.8 million fleet, and purchase upscale watches and designer clothing. Additionally, they rented multimillion-dollar homes in prime locations, such as Los Angeles, the Hamptons, and Miami, with monthly rents between $40,000 and $80,000, often to avoid the scrutiny of law enforcement.
Federal investigators also uncovered that Tangeman directed efforts to destroy incriminating digital evidence after some co-conspirators were arrested. This included orchestrating the destruction of electronic devices used by members of the criminal enterprise, underscoring his consciousness of guilt.
During searches of Tangeman’s residence, authorities seized luxury vehicles including a black 2022 Rolls-Royce Ghost valued at over $300,000 and a black and white Porsche GT3 RS. These assets, among others, further illustrated the opulent lifestyle funded by illegally obtained cryptocurrency.
In sentencing Tangeman, U.S. District Court Judge Colleen Kollar-Kotelly also imposed three years of supervised release following his 70-month prison term. Tangeman was the ninth individual connected to the investigation to accept a plea deal, with substantial coordination between the U.S. Attorney’s Office, FBI, and IRS-Criminal Investigation Washington D.C. Field Office ongoing.
“This criminal enterprise was built on greed so brazen it borders on the cartoonish,” said U.S. Attorney Pirro. “They stole millions, spent it on half-million-dollar nightclub tabs, Lamborghinis, and Rolexes. But Evan Tangeman didn’t just launder the money that fueled that lifestyle. When his co-conspirators were arrested, he moved to destroy the evidence. That is consciousness of guilt, and this office and the court have treated that accordingly.”
The case highlights the growing challenges law enforcement faces in stemming the flow of stolen digital assets and leveraging technology to hide illicit activities. Authorities continue to investigate and dismantle the criminal networks responsible for large-scale cryptocurrency theft and laundering schemes across the country.
For further updates on this ongoing case, stay tuned to KTLA News.