finance
California Man Sentenced to 70 Months for Role in $263 Million Crypto Theft Ring
A 22-year-old Newport Beach resident received a 70-month prison sentence for laundering millions in stolen cryptocurrency. The funds supported luxury purchases for a multi-state criminal group. Prosecutors described the operation as involving young, unemployed individuals.
ibtimes.comAudio version
Tap play to generate a narrated version.
Developing·Limited corroboration so far. This page will refresh as more sources emerge.
He pleaded guilty to laundering at least $3.5 million for a multi-state criminal enterprise that targeted online gaming platforms. The group included database hackers, organizers, target identifiers, callers, and residential burglars who stole from hardware virtual currency wallets, according to the Justice Department.
The stolen funds were used to buy nightclub services, exotic vehicles, private jet rentals, private security, and rental homes in Los Angeles, Miami, and The Hamptons. Authorities seized a black 2022 Rolls Royce Ghost from Tangeman's home, and he received vehicles such as the Rolls Royce and a widebody Lamborghini Urus for his services.
Most members of the enterprise were unemployed men under 20 years old.
A U.S. Attorney stated that the criminal enterprise was built on greed. She added that Tangeman not only laundered the money but also attempted to destroy evidence after his co-conspirators were arrested, indicating consciousness of guilt.
“This criminal enterprise was built on greed so brazen it borders on the cartoonish." — A U.S. Attorney U.S. District Court Judge Colleen Kollar-Kotelly imposed the sentence and ordered three years of supervised release following the prison term.”
The operation involved individuals spread across the country and originated from thefts on online gaming platforms. Tangeman's role focused on laundering the proceeds to support the group's activities.
