Young crypto launderer sentenced in $263M theft ring as lavish spending is exposed

Newport Beach resident Evan Tangeman, 22, was sentenced to 70 months for laundering more than $263 million in cryptocurrency for a multi-state criminal enterprise tied to online gaming; he previously pleaded guilty to laundering at least $3.5 million. The group used hackers, organizers, target identifiers and burglars to steal funds and spent the loot on nightclub tabs, exotic cars, private jets and rental homes in Los Angeles, Miami and the Hamptons. Tangeman allegedly destroyed evidence after co-conspirators were arrested and will face three years of supervised release following his prison term. The investigation involved the DOJ, FBI and IRS-CI.