SINGAPORE, April 25 — A Washington DC federal court has handed a 70‑month prison term to Evan Tangeman, 22, for laundering millions of dollars linked to a cryptocurrency theft ring allegedly headed by Singaporean Malone Lam.
Prosecutors described the network as a “multi‑state criminal enterprise” that siphoned more than US$263 million (RM1.04 billion) in digital assets through a sophisticated social engineering scheme, according to CNA.
“This criminal enterprise was built on greed so brazen it borders on the cartoonish,” US Attorney Jeanine Pirro said, highlighting how stolen funds were spent on “half‑million‑dollar nightclub tabs, Lamborghinis, and Rolexes.”
Tangeman admitted in December to racketeering conspiracy and acknowledged laundering at least US$3.5 million for the group. He will also serve three years of supervised release after his prison term.
Prosecutors said he acted as the group’s money launderer, converting stolen cryptocurrency into cash and arranging luxury rental properties in Los Angeles and Miami.
Authorities noted that some of the homes were valued between US$4 million and US$9 million, while members were “unemployed young men, often under 20 years old… with no legitimate source of income.”
Tangeman received luxury cars as rewards, including a Lamborghini Urus bought for him by Lam, prosecutors said.
After Lam and co‑conspirator Jeandiel Serrano were arrested, Tangeman instructed another member to destroy digital evidence, according to court filings.
Police later seized several high‑end vehicles linked to Tangeman, among them a Rolls‑Royce Ghost worth more than US$300,000 and a Porsche GT3 RS.
The group operated from at least October 2023 to May 2025, prosecutors said, and grew out of connections formed on online gaming platforms. Members carried out roles ranging from hacking databases and making fraudulent calls to burglarising homes to steal hardware crypto wallets.
Tangeman was among several charged, including Lam, Serrano and Kunal Mehta. Mehta pleaded guilty in November to racketeering conspiracy and conspiracy to launder monetary instruments.
Another member, Veer Chetal, agreed to testify against Lam and other co‑defendants after pleading guilty to fraud and money laundering conspiracy charges.