Evan Tangeman, a 22-year-old from Newport Beach, California, has been sentenced to 70 months in prison for his role in laundering funds for a cryptocurrency theft ring allegedly led by Singaporean Malone Lam. The group is accused of stealing over $263 million through a sophisticated social engineering scheme. Tangeman pleaded guilty to participating in a racketeering conspiracy and admitted to laundering at least $3.5 million. He was also ordered to serve three years of supervised release following his prison term.

The criminal enterprise, which operated from October 2023 to May 2025, involved individuals from various U.S. states and overseas, who engaged in hacking, identifying targets, and stealing hardware crypto wallets. Tangeman's involvement included converting stolen cryptocurrency into cash and securing luxury rental properties in cities like Los Angeles and Miami, valued between $4 million and $9 million. Prosecutors noted that group members were primarily unemployed young men with no legitimate income sources.

Following the arrests of Lam and another co-conspirator, Tangeman attempted to destroy digital evidence, indicating his awareness of guilt. U.S. law enforcement seized luxury cars linked to him, including a Rolls-Royce Ghost valued at over $300,000. U.S. Attorney Jeanine Pirro emphasized the group's brazen greed, stating, "This criminal enterprise was built on greed so brazen it borders on the cartoonish."