California Man Sentenced to 70 Months for Money Laundering in $263M Crypto Fraud Scheme on April 30

According to the Los Angeles Times, a 22-year-old man from Newport Beach, Evan Tangeman, was sentenced to 70 months in federal prison on April 30 for laundering money for a crypto fraud ring. Tangeman admitted to washing at least $3.5 million for the group, which stole over $263 million in cryptocurrency from investors through social engineering tactics, including impersonating cryptocurrency exchange employees.

The fraud ring, known as "crypto kids" and comprised of teenagers, used stolen funds to rent luxury homes, charter private jets, purchase high-end goods, and spend up to $500,000 in single nightclub visits. Tangeman also instructed associates to destroy digital devices after gang members were arrested.