$263M Bitcoin Theft: Guilty Plea Exposes Sophisticated Crypto Scam

Evan Tangeman pleaded guilty to laundering $3.5M for a crypto theft ring that stole 4,100 BTC ($263M–$371M) using social engineering, phishing, and burglaries. The group targeted victims nationwide from 2023 to 2025.

A 22-year-old California resident, Evan Tangeman, pleaded guilty to laundering $3.5 million for a sophisticated crypto theft ring known as the Social Engineering Enterprise (SE Enterprise). The group, active from October 2023 to May 2025, stole approximately 4,100 Bitcoin—valued at $263 million at the time and now worth $371 million—using social engineering tactics, phishing scams, and physical burglaries. Members identified targets through online gaming platforms, hacked databases, impersonated exchange support staff, and convinced victims to reveal wallet credentials. Stolen funds were laundered through privacy-focused cryptocurrencies and bulk-cash converters, then spent on luxury goods, rentals, and services. Tangeman is the ninth defendant to plead guilty in the case, which is being prosecuted under the RICO Act. The operation targeted victims nationwide, with one major theft involving a Washington, D.C. resident. The case highlights the growing sophistication of crypto-related crimes and the ongoing risks in the digital asset sector. Tangeman's sentencing is scheduled for April 2026.