A U.S. man has been sentenced to 70 months in prison for conspiring to commit cryptocurrency fraud, with the gang amassing over $263 million.

CoinFeed reported on April 26 that, according to Cointelegraph, the U.S. Department of Justice has sentenced 22-year-old Evan Tangeman from California to 70 months in prison, with an additional three years of supervised release, for his involvement in a large-scale cryptocurrency fraud ring involving $263 million. The ring stole users' cryptocurrency assets through social engineering fraud and burglaries, squandering the proceeds on luxury cars, watches, real estate, and other high-end consumer goods. The defendant admitted to assisting in money laundering at least $3.5 million and destroying evidence after his accomplices were arrested, demonstrating egregious conduct. Data shows that global losses from cryptocurrency fraud and hacking reached $482 million in the first quarter of 2026. Social engineering attacks and violent thefts targeting cryptocurrency holders remain rampant, prompting many countries to strengthen criminal prosecution and prevention measures.