**California Man Admits Role in $263 Million Cryptocurrency Heist that Funded Lavish Lifestyle**
A 22-year-old from Newport Beach, California has pleaded guilty to his involvement in a sophisticated criminal network that swindled approximately $263 million in cryptocurrency from victims. Evan Tangeman is the ninth defendant to confess to his role in what prosecutors have dubbed the "Social Engineering Enterprise" (SE Enterprise), a highly-organized and far-reaching scheme.
The SE Enterprise was reportedly formed through connections made on online gaming platforms, where friendships between gamers evolved into a professional operation targeting victims across the United States. The network's members specialized in various roles: some hacked databases to identify wealthy cryptocurrency investors, while others posed as security staff at exchanges or email providers to trick victims into revealing their login details.
Money launderers converted stolen cryptocurrency into cash, and even burglars physically broke into victims' homes to steal hardware wallets containing cryptocurrency keys. The group's largest known heist occurred on August 18, 2024, when gang members allegedly deceived a victim in Washington, DC into transferring more than 4,100 Bitcoin (worth approximately $263 million at the time).
Evan Tangeman admitted to working as a money launderer for the group, helping convert $3.5 million worth of stolen cryptocurrency into cash. According to authorities, the proceeds of the theft funded extravagant lifestyles, with the gang renting luxury homes in Los Angeles and Miami under false names for between $40,000 and $80,000 per month.
The SE Enterprise allegedly spent up to half a million dollars on single nights out at nightclubs, purchased exotic cars worth as much as $3.8 million, flew on private jets, and hired personal security guards. In the months following the August 2024 theft, Tangeman reportedly helped alleged ringleader Malone Lam obtain roughly $3 million in cash to secure a rental property.
After Lam's arrest in September 2024, Tangeman is said to have accessed home security systems to screenshot FBI agents searching properties and asked another member of the group to retrieve and destroy digital devices from Lam's Los Angeles residence. Alongside Tangeman's guilty plea, prosecutors have unsealed additional charges against three more alleged members of SE Enterprise, including Danish Zulfiqar who was recently arrested in Dubai.
Tangeman is scheduled to be sentenced on April 24, 2026. In a twist of irony, the downfall of the SE Enterprise gang's members was perhaps inevitable. When you spend half a million dollars in a single night at a nightclub, purchase exotic cars worth millions, and rent mansions under false names, you are risking drawing attention to yourself.
In the end, the SE Enterprise's lavish spending spree turned out to be their undoing. As one investigator noted, "When you live like this, it's only a matter of time before someone catches on." The case serves as a cautionary tale about the dangers of excessive indulgence and the importance of being vigilant in an increasingly digital world.