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Highlights: Ninth defendant pleads guilty in $263M crypto social engineering scheme. The stolen Bitcoin funded imported cars, rentals, and luxury goods. Tangeman laundered $3.5M using bulk-cash conversions. Evan Tangerman, a 22-year-old Newport Beach resident, pleaded guilty in a large-scale crypto fraud case. The Justice Department of the U.S. stated that he admitted to laundering $3.5 million on behalf of a group that had stolen more than 4,100 Bitcoin. The crypto was worth $263 million then, but now it has increased in value. The scheme operated between October 2023 and May 2025. It developed into a full-scale criminal network out of online gaming connections. The team targeted their victims through social engineering schemes. Additionally, they impersonated identities and manipulated victims to surrender access to their crypto wallets. Tangeman assisted the group in converting stolen crypto into cash using a bulk-cash converter. He invested that money to acquire high-end rentals in cities such as Los Angeles and Miami. He concealed ownership by signing false names on lease agreements. Lavish expenditures were also financed with the stolen money. Members spent hundreds of thousands on nightclub services, personal jets, and automotive luxury. The cost of some watches was more than $500,000. Moreover, these events even gave out designer handbags as presents to partygoers. Today, 22 Y.O. Californian Evan Tangeman pleaded guilty to laundering bitcoin for a $263 million social engineering scheme The syndicate, which grew from a friend group on an online gaming platform, stole 4,100 BTC from Oct 2023 to May 2025 pic.twitter.com/JphlTQJ90q — Danny Kunwoong Park (@ParkKunwoong) December 9, 2025 Court Unseals Superseding Indictment When Tangeman entered his guilty plea, a second superseding indictment was unsealed by the court. It named three additional suspects: Nicholas Dellecave, Mustafa Ibrahim, and Danish Zulfiqar. Dellecave was arrested by authorities in Miami, while Ibrahim and Zulfiqar were apprehended in Dubai. These arrests consequently gave a fresh momentum to the investigation. The suspects are charged under RICO conspiracy laws. The roles of the group ranged from hackers and callers to real estate brokers and crypto launderers. On August 18, 2024, a D.C. resident is said to have been robbed of 4,100 Bitcoin by a group of individuals. After that, Tangeman converted $3 million in stolen crypto into fiat currency. Furthermore, this was money used to fund luxurious houses that served as safehouses and hangouts. Tangeman later gained access to security footage of the FBI raid after the lead conspirator, Malone Lam, was arrested in Miami. He also ordered an associate to destroy Lam’s digital devices in Los Angeles. These activities further linked Tangeman to the criminal enterprise. Widening Global Crackdown on Crypto Crimes This social engineering scheme is similar to other international crypto crimes. Ramil Palafox was convicted in a $200 million crypto Ponzi scheme in September. His company scammed 90,000 customers using empty promises to finance luxurious living. Bitcoin Trading Firm CEO Ramil Ventura Palafox Pleads Guilty to $200M Ponzi Scheme, Faces 40 Years Ramil Ventura Palafox, a 60-year-old dual U.S.-Philippine citizen, served as chairman, CEO, and chief promoter of Praetorian Group International (PGI), orchestrating a textbook… pic.twitter.com/rdupFnXexJ — Chloe | KeyPro (@Chloe_HashKey) September 18, 2025 Another laundering ring was uncovered in Taiwan by authorities. The CoinW scandal involved stolen cash worth $2.3 billion that was transferred via the false storefronts. More than 40 unregistered stores laundered crypto as disguised investments. Moreover, indictments were brought against fourteen suspects, including the alleged ringleader. Meanwhile, the U.S. Justice Department is actively cracking down on crypto laundering rings. As Tangeman pleads, and the new indictment is unsealed, prosecutors move ahead. Tangeman is expected to be sentenced on April 24, 2026. eToro Platform Best Crypto Exchange Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users 9.9 Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Highlights: Ninth defendant pleads guilty in $263M crypto social engineering scheme. The stolen Bitcoin funded imported cars, rentals, and luxury goods. Tangeman laundered $3.5M using bulk-cash conversions. Evan Tangerman, a 22-year-old Newport Beach resident, pleaded guilty in a large-scale crypto fraud case. The Justice Department of the U.S. stated that he admitted to laundering $3.5 million on behalf of a group that had stolen more than 4,100 Bitcoin. The crypto was worth $263 million then, but now it has increased in value. The scheme operated between October 2023 and May 2025. It developed into a full-scale criminal network out of online gaming connections. The team targeted their victims through social engineering schemes. Additionally, they impersonated identities and manipulated victims to surrender access to their crypto wallets. Tangeman assisted the group in converting stolen crypto into cash using a bulk-cash converter. He invested that money to acquire high-end rentals in cities such as Los Angeles and Miami. He concealed ownership by signing false names on lease agreements. Lavish expenditures were also financed with the stolen money. Members spent hundreds of thousands on nightclub services, personal jets, and automotive luxury. The cost of some watches was more than $500,000. Moreover, these events even gave out designer handbags as presents to partygoers. Today, 22 Y.O. Californian Evan Tangeman pleaded guilty to laundering bitcoin for a $263 million social engineering scheme The syndicate, which grew from a friend group on an online gaming platform, stole 4,100 BTC from Oct 2023 to May 2025 pic.twitter.com/JphlTQJ90q — Danny Kunwoong Park (@ParkKunwoong) December 9, 2025 Court Unseals Superseding Indictment When Tangeman entered his guilty plea, a second superseding indictment was unsealed by the court. It named three additional suspects: Nicholas Dellecave, Mustafa Ibrahim, and Danish Zulfiqar. Dellecave was arrested by authorities in Miami, while Ibrahim and Zulfiqar were apprehended in Dubai. These arrests consequently gave a fresh momentum to the investigation. The suspects are charged under RICO conspiracy laws. The roles of the group ranged from hackers and callers to real estate brokers and crypto launderers. On August 18, 2024, a D.C. resident is said to have been robbed of 4,100 Bitcoin by a group of individuals. After that, Tangeman converted $3 million in stolen crypto into fiat currency. Furthermore, this was money used to fund luxurious houses that served as safehouses and hangouts. Tangeman later gained access to security footage of the FBI raid after the lead conspirator, Malone Lam, was arrested in Miami. He also ordered an associate to destroy Lam’s digital devices in Los Angeles. These activities further linked Tangeman to the criminal enterprise. Widening Global Crackdown on Crypto Crimes This social engineering scheme is similar to other international crypto crimes. Ramil Palafox was convicted in a $200 million crypto Ponzi scheme in September. His company scammed 90,000 customers using empty promises to finance luxurious living. Bitcoin Trading Firm CEO Ramil Ventura Palafox Pleads Guilty to $200M Ponzi Scheme, Faces 40 Years Ramil Ventura Palafox, a 60-year-old dual U.S.-Philippine citizen, served as chairman, CEO, and chief promoter of Praetorian Group International (PGI), orchestrating a textbook… pic.twitter.com/rdupFnXexJ — Chloe | KeyPro (@Chloe_HashKey) September 18, 2025 Another laundering ring was uncovered in Taiwan by authorities. The CoinW scandal involved stolen cash worth $2.3 billion that was transferred via the false storefronts. More than 40 unregistered stores laundered crypto as disguised investments. Moreover, indictments were brought against fourteen suspects, including the alleged ringleader. Meanwhile, the U.S. Justice Department is actively cracking down on crypto laundering rings. As Tangeman pleads, and the new indictment is unsealed, prosecutors move ahead. Tangeman is expected to be sentenced on April 24, 2026. eToro Platform Best Crypto Exchange Over 90 top cryptos to trade Regulated by top-tier entities User-friendly trading app 30+ million users 9.9 Visit eToro eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong.

Crypto Launderer Pleads Guilty in $263M Social Engineering Scheme

Author: Coinstats

Source: Coinstats

2025/12/09 21:26

JUSTICE$0.00002397+0.08%

Highlights:

Ninth defendant pleads guilty in $263M crypto social engineering scheme.
The stolen Bitcoin funded imported cars, rentals, and luxury goods.
Tangeman laundered $3.5M using bulk-cash conversions.

Evan Tangerman, a 22-year-old Newport Beach resident, pleaded guilty in a large-scale crypto fraud case. The Justice Department of the U.S. stated that he admitted to laundering $3.5 million on behalf of a group that had stolen more than 4,100 Bitcoin. The crypto was worth $263 million then, but now it has increased in value.

The scheme operated between October 2023 and May 2025. It developed into a full-scale criminal network out of online gaming connections. The team targeted their victims through social engineering schemes. Additionally, they impersonated identities and manipulated victims to surrender access to their crypto wallets.

Tangeman assisted the group in converting stolen crypto into cash using a bulk-cash converter. He invested that money to acquire high-end rentals in cities such as Los Angeles and Miami. He concealed ownership by signing false names on lease agreements.

Lavish expenditures were also financed with the stolen money. Members spent hundreds of thousands on nightclub services, personal jets, and automotive luxury. The cost of some watches was more than $500,000. Moreover, these events even gave out designer handbags as presents to partygoers.

Court Unseals Superseding Indictment

When Tangeman entered his guilty plea, a second superseding indictment was unsealed by the court. It named three additional suspects: Nicholas Dellecave, Mustafa Ibrahim, and Danish Zulfiqar. Dellecave was arrested by authorities in Miami, while Ibrahim and Zulfiqar were apprehended in Dubai.

These arrests consequently gave a fresh momentum to the investigation. The suspects are charged under RICO conspiracy laws. The roles of the group ranged from hackers and callers to real estate brokers and crypto launderers.

On August 18, 2024, a D.C. resident is said to have been robbed of 4,100 Bitcoin by a group of individuals. After that, Tangeman converted $3 million in stolen crypto into fiat currency. Furthermore, this was money used to fund luxurious houses that served as safehouses and hangouts. Tangeman later gained access to security footage of the FBI raid after the lead conspirator, Malone Lam, was arrested in Miami. He also ordered an associate to destroy Lam’s digital devices in Los Angeles. These activities further linked Tangeman to the criminal enterprise.

Widening Global Crackdown on Crypto Crimes

This social engineering scheme is similar to other international crypto crimes. Ramil Palafox was convicted in a $200 million crypto Ponzi scheme in September. His company scammed 90,000 customers using empty promises to finance luxurious living.

Another laundering ring was uncovered in Taiwan by authorities. The CoinW scandal involved stolen cash worth $2.3 billion that was transferred via the false storefronts. More than 40 unregistered stores laundered crypto as disguised investments. Moreover, indictments were brought against fourteen suspects, including the alleged ringleader.

Meanwhile, the U.S. Justice Department is actively cracking down on crypto laundering rings. As Tangeman pleads, and the new indictment is unsealed, prosecutors move ahead. Tangeman is expected to be sentenced on April 24, 2026.

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