The US Department of Justice has announced that a key figure in a social engineering scam involving $263 million worth of Bitcoin has pleaded guilty. Evan Tangeman, a 22-year-old California resident, admitted in district court to participating in money laundering in violation of the Racketeer Influenced and Corrupt Organizations Act (RICO), with the amount involved exceeding $3.5 million. He is the ninth defendant to plead guilty in the case.
The scam operated from October 2023 to May 2025, with members of the group located across various US states and overseas. The group included hackers, organizers, target identifiers, phone solicitors, and thieves who stole hardware wallets, collectively stealing about 4,100 Bitcoins—worth approximately $263 million at the time, and now valued at around $371 million. Hackers infiltrated websites to obtain cryptocurrency-related databases, target identifiers singled out high-value victims, and phone solicitors manipulated victims over the phone, making the scam operation highly sophisticated.
Tangeman primarily assisted in converting the stolen cryptocurrency into cash via bulk cash converters and signed real estate leases under false names to provide cover residences for group members. The proceeds were used for nightclub services, luxury handbags, watches, luxury cars, private jets, and hiring security personnel. Tangeman’s sentencing hearing is scheduled for April 24, 2026.
Additionally, the court released a superseding indictment charging three more defendants—Nicholas Drelacav, Mustafa Ibrahim, and Danish Zulfikar—who were recently arrested. The case highlights the risks of cryptocurrency in cybercrime and serves as a reminder for regulatory and law enforcement agencies to strengthen monitoring of large-scale crypto asset flows. (The Block)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Liquidation Cascades: $619M in Short Liquidations if BTC Breaks $80K
Gate News message, April 26 — According to Coinglass data, if Bitcoin breaks $80,000, major centralized exchanges will face cumulative short liquidation intensity of $619 million. Conversely, if BTC falls below $76,000, cumulative long liquidation intensity across major CEXs will reach $645 million.
GateNews3m ago
Bitcoin Breaks Through $78,000, Up 0.75% in 24 Hours
Gate News message, April 26 — Bitcoin surged through $78,000, currently trading at $78,102.89 with a 24-hour gain of 0.75%.
GateNews2h ago
Analyst: $80K Emerges as Bitcoin's Key Resistance Level, Breakout Could Trigger Increased Volatility
Gate News message, April 26 — On-chain analyst Murphy identified $80,000 as Bitcoin's primary resistance level above the current price, citing a combination of options Gamma exposure, open interest (OI), and implied volatility (IV) data. The level represents a critical checkpoint for May's price
GateNews2h ago
Olenox Announces Merge With CS Digital to Develop Low Cost, Off-Grid Bitcoin Mining Opportunities
The two companies would agree to merge, with CS Digital receiving $55 million in an all-share transaction, to combine Olenox’s energy expertise with CS Digital’s expertise in bitcoin mining. The combined company would seek to develop off-grid mining and AI data center initiatives close to
Coinpedia2h ago
Bitcoin Spot ETFs Record $144.49M Net Inflows for 9 Consecutive Days, BlackRock IBIT Leads
Gate News message, April 26 — Bitcoin spot ETFs recorded total net inflows of $144.489 million on April 25, extending a streak of nine consecutive days of positive flows, according to SoSoValue data.
BlackRock's IBIT led all funds with single-day net inflows of $22.879 million, bringing its
GateNews2h ago
Bitcoin Community Questions U.S. Military's Understanding of Bitcoin, Admiral Criticized for "Reading Wikipedia"
Gate News message, April 26 — U.S. Navy Admiral Samuel Paparo told the Senate Armed Services Committee on Tuesday that the U.S. government operates a Bitcoin node, prompting members of the Bitcoin community to question the government's understanding of the network. Paparo described Bitcoin as "a com
GateNews4h ago
