22-Year-Old Gets 70 Months Prison for Role in $263M Crypto Laundering Scheme
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Evan Tangeman, 22, was sentenced to 70 months for laundering at least $3.5M as part of a racketeering scheme that stole $263M in crypto; the operation ran Oct 2023–May 2025. He converted stolen crypto to cash, enabling a network of young cybercriminals; the case highlights cash-out and counterparty risks for CEX/OTC and broader crypto security vulnerabilities. The conviction signals a growing law enforcement crackdown and regulatory scrutiny of crypto crime rings, likely increasing compliance costs for exchanges and reducing illicit flows.
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- A 22-year-old was sentenced to 70 months for laundering millions in a $263M crypto fraud.
- He helped convert stolen crypto to cash, enabling a network of young cybercriminals to profit.
- The case marks a growing crackdown as authorities track and dismantle crypto crime rings.
A 22-year-old California man has been sentenced to nearly six years in prison for laundering millions from a $263 million crypto fraud scheme.
Launderer Behind Multi-Million Crypto Operation
Evan Tangeman, 22, of Newport Beach, was sentenced to 70 months in prison after pleading guilty to a racketeering scheme that stole over $263 million in cryptocurrency. The operation ran from October 2023 to May 2025 and involved a loose network of young people connected online.
Tangeman admitted to laundering at least $3.5 million, converting stolen crypto into cash, and helping hide where the funds c…
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