Evan Tangeman, a 22-year-old from Newport Beach, California, has been sentenced to 70 months in prison for his role in laundering millions from a $263 million cryptocurrency fraud scheme. Tangeman admitted to converting at least $3.5 million of stolen crypto into cash, facilitating a network of young cybercriminals who used the funds for extravagant lifestyles, including luxury cars and high-end rentals. The operation, which ran from October 2023 to May 2025, involved a group of young individuals engaged in hacking and social engineering across the U.S. and abroad. Tangeman's conviction marks the ninth in this case, as authorities continue to dismantle the network. The case underscores the increasing effectiveness of law enforcement in tracking crypto transactions and highlights the severe penalties being imposed for such crimes.