Crypto money, nightclubs and prison: a scheme worth hundreds of millions

The story with cryptocurrencies has long stopped being only about technology and investment. Sometimes it is quite classic crime – only with blockchain instead of suitcases of cash. Another confirmation of this came from the federal court in Washington, where a sentence was issued to one of the participants of a large crypto asset laundering scheme.

22-year-old Evan Tangeman from California received 70 months of imprisonment for participation in a criminal network that stole more than $263 million. The sentence became part of an investigation that is already being called one of the most massive cases in recent years related to cryptocurrency thefts and the subsequent legalization of funds. After release he will still have to be under supervision for three more years.

Tangeman pleaded guilty in December 2025 to conspiracy charges under the RICO Act – a law traditionally used against organized crime groups. The very fact of its use shows that this is not about random episodes, but about a systematic and well-built scheme.

The investigation established that Tangeman helped launder at least $3.5 million. His role was to turn stolen crypto assets into “clean” money. For this, classic tools were used: real estate transactions, conversion into fiat and purchases of expensive goods. In essence, the scheme looked almost like in old mafia movies – only instead of bank transfers, crypto wallets and blockchain were used.

The criminal network itself began to form no later than October 2023 and actively operated until May 2025. It included different “specialists”: hackers who gained access to assets, social engineering operators who extracted data from victims, and participants engaged in physical theft of hardware wallets. This is an important point: despite the digital nature of cryptocurrencies, a significant part of attacks still relies on old good human vulnerability.

The money, as often happens, did not “lie around” for long. The stolen funds quickly turned into conspicuous luxury. According to the prosecutor’s office, participants of the scheme could spend hundreds of thousands of dollars in one night in nightclubs. Their car fleet included Lamborghini Aventador and Rolls-Royce Cullinan, and on their wrists – watches worth up to $500,000. Real estate also matched the lifestyle: renting houses in Los Angeles, Miami and the Hamptons cost $40,000-80,000 per month.

Tangeman himself, according to investigators, did not stay away from this “celebration of life”. He received commissions, cars and other bonuses for participation in operations. Moreover, after the arrest of part of the participants, he tried to cover his tracks by ordering the destruction of digital devices that could contain evidence. This is a typical reaction in such cases, but as practice shows, it rarely helps.

Rented villa in Los Angeles used by the group. Source: DOJ

The investigation was conducted with the participation of the Federal Bureau of Investigation and units of the Internal Revenue Service. The combination of these structures is not accidental: in cryptocurrency cases, issues of cybercrime and financial flows almost always overlap.

At the moment, nine guilty pleas have already been recorded in the case, and the investigation continues. This means that the list of defendants may expand, and the overall picture may become even larger.

This case clearly shows how modern crime has changed. On one hand, technologies have become more complex: cross-chain transfers, crypto wallets, anonymization. On the other hand, human nature has remained the same. The desire to quickly earn money, demonstrate success and live large still leads to the same endings.

The only difference is that раньше money was hidden under the mattress, and now – in the blockchain. But the final point of the route, as we can see, is still the same – the courtroom.