The Crypto Heist That Fueled a Life of Luxury
A young man from Newport Beach, California, has admitted his role in a massive crypto theft. Evan Tangeman is one of nine individuals who have confessed to being part of this criminal operation, known as the Social Engineering Enterprise (SE Enterprise). The group stole approximately $263 million in cryptocurrency.
From Online Friends to Criminal Syndicate
The group initially formed as friends who met while playing online games. Over time, they transformed their friendships into a highly organized criminal enterprise. Some members specialized in hacking databases to identify wealthy crypto investors, while others, known as "callers," impersonated security staff from crypto exchanges or email providers to trick victims into revealing their login details.
The SE Enterprise also included money launderers and burglars. The burglars would break into victims' homes to steal hardware wallets, which contained the cryptographic keys to unlock large amounts of cryptocurrency.
The Biggest Heist
The group's largest theft occurred on August 18, 2024. They deceived a victim in Washington, DC, into transferring 4,100 Bitcoin, worth around $263 million at the time.
A Lavish Lifestyle Fueled by Crime
Evan Tangeman admitted to laundering $3.5 million worth of stolen cryptocurrency. The illicit funds financed an extravagant lifestyle for the group. They rented luxury homes in Los Angeles and Miami under fake names, spent up to half a million dollars in a single night at nightclubs, and purchased exotic cars worth up to $3.8 million. They also flew on private jets and hired personal security guards.
The Unraveling of the SE Enterprise
After the group's leader, Malone Lam, was arrested in September 2024, Tangeman accessed home security systems to take pictures of FBI agents searching properties. He also instructed another member to retrieve and destroy digital devices from Lam’s home in Los Angeles.
Alongside Tangeman’s guilty plea, prosecutors have charged three more alleged members of the SE Enterprise, including Danish Zulfiqar, who was recently arrested in Dubai.
Sentencing and Aftermath
Evan Tangeman is scheduled to be sentenced on April 24, 2026.
For all their supposed sophistication, the downfall of the SE Enterprise gang’s members was perhaps inevitable. When you spend half a million dollars in a single night at a nightclub, purchase exotic cars worth millions, and rent mansions under false names, you are risking drawing attention to yourself. In the end, the SE Enterprise’s lavish spending spree turned out to be their undoing.
