Crypto laundering mastermind handed 70 months prison time for role in $263M heist

Evan Tangeman, age 22, from Newport Beach, California, was sentenced to seventy months in prison on April 24, 2026. The court of the United States District in Washington, D.C., imposed the sentence. According to reports, Tangeman was involved in laundering millions of dollars obtained from a massive crypto fraud scheme.

According to US Attorney Jeanine Ferris Pirro, the crime was committed through an operation based on greed that hit the level of absurdity. 

The case investigation was handled by the District of Columbia US Attorney’s Office, the Federal Bureau of Investigation, Washington Field Office, and the Internal Revenue Service-Criminal Investigation, Washington, DC Field Office. 

Evan Tangeman’s $263M social engineering scheme

From the US Attorney’s Office, District of Columbia, it is reported that Evan Tangeman, alias “E,” “Tate,” “Evan|Exchanger,” was a money launderer for the group along with database hackers, organizers, identifier of targets, call makers, and residential burglary for hardware virtual currency wallets.

The defendant turned the ill-gotten gains into fiat cash. Tangeman bought luxurious homes for his crime partners. The hacking group was awarded fancy cars and other rewards for their work. Tangeman’s team had a luxurious lifestyle that cost them millions of dollars. They went to clubs, where they paid hefty bills, which ran to $500,000 at one point.

DOJ first apprehended co-defendants Malone Lam and Jeandiel Serrano. When the enormity of their scam became known, Evan Tangeman instructed his co-defendant, Tucker Desmond, to dispose of the electronic devices used by the members of the criminal group.

As stated in the report, the case is being handled by Assistant United States Attorney Will Hart from the Fraud, Public Corruption, and Civil Rights Division at the United States Attorney’s Office, District of Columbia. 

Rising government crackdowns on crypto crimes

This case fits the increased law enforcement efforts in the region. US authorities arrested many hackers and money launderers in recent months. The FBI and the Department of Justice focus on social engineering groups hacking cryptocurrencies. 

On April 17, 2026, a British citizen, Tyler Robert Buchanan, was sentenced to prison. At the age of 24, he was charged with conspiracy to commit wire fraud and aggravated identity theft. Buchanan, along with others, hacked at least $8 million worth of cryptocurrencies from US organizations and individuals during the period 2021 to 2023. 

His methods included SMS phishing and SIM swapping. Police Scotland confiscated 20 devices from his residence in Dundee. From court documents, it is clear that Buchanan is facing up to 22 years’ imprisonment at his trial, set for 21 August 2026. His accomplice, Noah Urban, received a 10-year federal imprisonment sentence in August 2025 along with $13 million in fines.

In early 2026, the FBI also arrested the son of a government contractor in Saint Martin, who was suspected of stealing more than $46 million worth of crypto that was impounded by US Marshals. 

Other criminal cases against individuals resulted in a 20-year jail sentence in a global crypto investment fraud case worth $73 million. According to the FBI’s Internet Crime Report for 2025, cryptocurrency losses totaled $11 billion.

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