Newport Beach Man Gets 70 Months for $263M Crypto Laundering

Evan Tangeman, 22, of Newport Beach, was sentenced to 70 months in federal prison by the U.S. District Court in Washington, D.C., on April 24, 2026, after a conviction for laundering proceeds from a $263 million social‑engineering cryptocurrency fraud. Prosecutors said Tangeman converted stolen digital assets into cash and used the proceeds to finance a lavish lifestyle for members of the criminal group.

Court filings identify Tangeman by aliases including “E,” “Tate” and “Evan|Exchanger” and describe him as a principal money launderer for a group that combined database hackers, organizers, target identifiers, callers and residential burglars who stole hardware cryptocurrency wallets. The filings say Tangeman routed ill‑gotten funds through exchanges and conversion services, purchased luxury homes for co‑conspirators, arranged high‑end vehicles and covered nightlife expenses, including a single club bill of about $500,000.

When earlier arrests revealed parts of the scheme, Tangeman directed co‑defendant Tucker Desmond to dispose of electronic devices used by the group, according to prosecutors. Co‑defendants Malone Lam and Jeandiel Serrano were taken into custody before Tangeman’s sentencing.

The investigation was led by the U.S. Attorney’s Office for the District of Columbia, the FBI’s Washington Field Office and the IRS Criminal Investigation unit in Washington, D.C. U.S. Attorney Jeanine Ferris Pirro described the operation as “based on greed that hit the level of absurdity.” Assistant U.S. Attorney Will Hart of the Fraud, Public Corruption and Civil Rights Division handled the prosecution.

Court records outline how the group used social‑engineering tactics such as phishing, SIM swapping and identity theft to gain access to targets’ cryptocurrency holdings, then moved funds through intermediaries to hide their origin before cashing out. Prosecutors framed Tangeman’s role as central to converting digital assets into spendable currency.

Federal authorities have pursued multiple cases tied to similar methods. On April 17, 2026, prosecutors charged British citizen Tyler Robert Buchanan with conspiracy to commit wire fraud and aggravated identity theft for alleged SMS phishing and SIM swapping that took at least $8 million; Police Scotland seized 20 devices from his Dundee residence. Other recent actions include a 20‑year sentence in a $73 million global crypto investment fraud, U.S. Marshals impounding more than $46 million in cryptocurrency tied to a suspect in Saint Martin, and an August 2025 sentence of 10 years and roughly $13 million in fines for an accomplice named Noah Urban. The FBI’s 2025 Internet Crime Report estimated cryptocurrency losses at about $11 billion.