California Man Sentenced for Role in Cryptocurrency Scam

A 22-year-old man from Newport Beach, Evan Tangman, has been sentenced to 70 months in federal prison for laundering money for a fraudulent group. According to ChainCatcher, the group, known as the 'crypto kids,' used social engineering tactics, such as impersonating cryptocurrency exchange employees, to steal over $263 million in cryptocurrency from investors. Tangman admitted to laundering at least $3.5 million for the group, receiving luxury cars like Lamborghinis and Porsches as payment. Federal agents seized a black 2022 Rolls-Royce Ghost, valued at over $300,000, and a Porsche GT3 RS from his residence. The group, which included teenagers, spent the stolen funds on renting mansions and private jets, purchasing luxury goods, and spending up to $500,000 in a single nightclub outing. Tangman also instructed others to destroy digital devices after the arrest of group members.