A 22-year-old California man was sentenced to 70 months in prison for his involvement in a $263 million money laundering scheme involving a cryptocurrency syndicate.

CoinFeed reported on April 27 that, according to The Block, 22-year-old California resident Evan Tangeman was sentenced to 70 months in federal prison and three years of supervised release for his involvement in a transstate money laundering ring that stole approximately $263 million in cryptocurrency. Tangeman pleaded guilty last December to conspiracy to commit ransomware, admitting to converting at least $3.5 million of stolen cryptocurrency into cash through high-value cash changers and renting mansions under aliases for gang members. The gang had a clear division of labor, including database hackers, organizers, call center operators posing as exchange or Google customer service representatives, and burglars targeting hardware wallets. The gang's largest single theft occurred in August 2024, when they stole over 4,100 bitcoins from a victim in Washington, D.C., at the time worth approximately $230 million.