California man sentenced to 70 months in prison for laundering money for a $263 million crypto fraud ring

Evan Tangman, a 22-year-old Newport Beach man, has been sentenced by a federal court to 70 months in prison for money laundering in a youth fraud ring, the Los Angeles Times reported. Tangman admitted to laundering at least $3.5 million for the gang, which stole more than $263 million in cryptocurrency from investors through social engineering techniques such as impersonating employees of cryptocurrency exchange platforms. Tangman's rewards include luxury sports cars such as Lamborghini and Porsche. Federal agents seized a black 2022 Rolls-Royce Gust (worth more than $300,000) and a Porsche GT3RS at his home. The gang, known as "cryptoids", includes teenagers who use the stolen money to rent luxury homes and private jets, buy luxury goods, and spend up to $500,000 in a single time at nightclubs. Tangeman also instructed others to destroy digital equipment after gang members were arrested.