22-Year-Old California Crypto Launderer Sentenced to 70 Months for $263M Fraud Scheme

Gate News message, April 25 — Evan Tangeman, 22, from Newport Beach, California, was sentenced to 70 months in prison on April 24 for his role in laundering $263 million obtained through a massive cryptocurrency fraud scheme. The U.S. District Court in Washington, D.C., imposed the sentence following an investigation by the FBI, IRS-Criminal Investigation, and the D.C. U.S. Attorney’s Office.

Tangeman, operating under aliases including “E,” “Tate,” and “Evan|Exchanger,” served as a money launderer for a criminal group that employed social engineering, database hacking, SIM swapping, and residential burglary targeting cryptocurrency wallet holders. The group converted stolen funds into fiat currency and spent lavishly on luxury homes, high-end vehicles, and nightlife, with club expenses reaching $500,000 on a single occasion. When co-defendants Malone Lam and Jeandiel Serrano were arrested, Tangeman instructed co-conspirator Tucker Desmond to destroy electronic devices used by the group.

The case reflects escalating U.S. law enforcement efforts against cryptocurrency crimes. In April 2026, British national Tyler Robert Buchanan, 24, was sentenced for conspiracy to commit wire fraud and identity theft after stealing at least $8 million in crypto from U.S. organizations and individuals between 2021 and 2023 using SMS phishing and SIM swapping. In early 2026, the FBI arrested a government contractor’s son in Saint Martin suspected of stealing over $46 million in cryptocurrency impounded by U.S. Marshals. According to the FBI’s 2025 Internet Crime Report, cryptocurrency losses totaled $11 billion for the year.