A Young Crypto Scam That Sparked a Luxury Lifestyle

Evan Tangeman, a 22‑year‑old from Newport Beach, has been sentenced to 70 months in federal prison for his role in laundering more than $263 million in cryptocurrency.
He pleaded guilty to laundering at least $3.5 million for a group that used online gaming platforms as a cover.

How the Gang Operated

• Hacked databases and targeted victims via phone calls.
• Break‑in burglaries to steal wallet keys from homes.
• Stolen funds were funneled into extravagant purchases:
• Club tickets and high‑end nightlife.
• A black 2022 Rolls‑Royce Ghost and a Lamborghini Urus.
• Private jets and luxury homes in Los Angeles, Miami, and the Hamptons.

The scale of their spending was described as “cartoon‑like” by authorities.

Legal Proceedings

• Tangeman attempted to erase evidence after his partners were apprehended, indicating he knew of his guilt.
• The judge imposed three years of supervised release following the prison term.
• Most conspirators were under 20 and unemployed.

Agencies Involved

The case was handled by:

• U.S. Attorney’s Office
• FBI
• IRS Criminal Investigation Unit