TechFlow, Dec 9 — According to The Block, the U.S. Department of Justice announced that 22-year-old California resident Evan Tangeman pleaded guilty in federal court to participating in a social engineering fraud scheme worth $263 million, specifically conspiring to launder over $3.5 million through violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). Tangeman is the ninth defendant to plead guilty in this case.
The fraud ring operated from October 2023 to May 2025. Members initially met on online gaming platforms and were distributed across California, Connecticut, New York, Florida, and other locations. The group stole approximately 4,100 bitcoins, valued at $263 million at the time of the crime and worth $371 million at current prices.
Members had clearly defined roles, including hackers, organizers, target identifiers, phone scammers, and burglars specialized in stealing hardware wallets. Tangeman was responsible for converting stolen cryptocurrency into cash through bulk cash exchangers, which he used to rent houses under false names. His sentencing hearing is scheduled for April 24, 2026.
