A California man was sentenced to 70 months in prison for laundering $263 million in cryptocurrency fraud.

CoinFeed reported on April 30 that, according to the Los Angeles Times, 22-year-old California man Evan Tangeman was sentenced to 70 months in federal jail and three years of supervised release for laundering money for a criminal gang called "Crypto Kids." The gang used social engineering scams by impersonating employees of exchanges like Coinbase and Gemini to steal over $263 million in cryptocurrency, which they used to buy luxury cars, rent mansions, and private jets, and spend up to $500,000 on nightclubs. Tangeman admitted to laundering at least $3.5 million for the gang and receiving Lamborghinis and Porsches as payment. Federal agents seized a 2022 Rolls-Royce Ghost and a Porsche GT3 RS from his home. Tangeman is the ninth defendant to plead guilty in the case.