Tangeman, 22, Pleads Guilty to Laundering Stolen Funds

TLDR

• Evan Tangeman, 22, pleaded guilty for laundering $3.5 million from a $263 million crypto theft.
• The criminal syndicate used social engineering tactics to steal 4,100 BTC, now valued at $371 million.
• Tangeman facilitated the laundering by converting stolen crypto into cash and leasing rental properties.
• The investigation has led to multiple guilty pleas, and three more suspects face charges in the case.
• Authorities continue to pursue remaining members of the syndicate, which used stolen funds for luxury purchases.

Evan Tangeman, a 22-year-old California resident, pleaded guilty to laundering $3.5 million for a large-scale crypto crime ring. The scheme, which stole $263 million in crypto, involved a group that used social engineering tactics. Tangeman is the ninth defendant to admit guilt in the ongoing investigation, which the U.S. Department of Justice announced.

Tangeman’s Role in the Scheme

In court, Tangeman admitted to assisting a criminal syndicate in laundering stolen cryptocurrency. According to the Justice Department, he used a bulk-cash converter to exchange digital currency into cash. The money was then used to lease rental properties under false identities. His actions helped conceal the true owners of the properties involved.

Tangeman’s participation in the operation spanned from October 2023 to May 2025. During this period, the syndicate stole around 4,100 BTC, which was worth $263 million at the time. The cryptocurrency is now valued at approximately $371 million. He faces sentencing on April 24, 2026, for his involvement in the laundering scheme.

Criminal Network’s Methodology Revealed

The social engineering syndicate operated from various locations across the United States and abroad. The group included hackers, organizers, callers, and burglars, all working together to execute the fraud. Hackers accessed online platforms and servers to steal cryptocurrency databases, which were then used to identify valuable targets.

Victims were contacted by callers who convinced them their crypto accounts had been compromised. The callers offered to help secure the accounts, tricking victims into handing over their digital assets. Once the cryptocurrency was stolen, the syndicate used it for personal gain, including luxury purchases and private security.

Further Arrests and Ongoing Investigation

Tangeman’s guilty plea follows recent arrests in connection to the case. Three additional defendants, Nicholas Dellecave, Mustafa Ibrahim, and Danish Zulfiqar were recently charged after their arrests. The court also unsealed a superseding indictment with these new charges. This investigation has already led to multiple guilty pleas, but it remains active.  Authorities continue to gather evidence and pursue other individuals involved in the conspiracy.

The criminal group used stolen funds to buy expensive items such as luxury cars, watches, and private jet services. Tangeman’s role in the laundering operation contributed to the group’s ability to move large sums of stolen crypto without detection. His guilty plea marks another step in dismantling the syndicate behind the $263 million theft. The investigation is ongoing as authorities continue to track down additional members of the organization.