SINGAPORE: A man who laundered millions of dollars for a cryptocurrency theft ring allegedly led by Singaporean Malone Lam has been sentenced to 70 months’ jail in the United States.
Evan Tangeman, 22, was sentenced in a Washington DC federal court on Friday (Apr 24) for his role in a “multi-state criminal enterprise” that stole more than US$263 million in crypto through an “elaborate social engineering scheme”, the US Attorney’s Office for the District of Columbia said.
Authorities said the group – whose alleged leader Lam has been charged but not convicted – used the stolen funds to bankroll lavish lifestyles, including luxury cars, high-end watches, the gifting of luxury handbags at nightclub parties and nightclub spending that could reach US$500,000 a night.
Tangeman pleaded guilty in December last year to participating in a racketeering conspiracy (RICO) and admitted to laundering at least US$3.5 million for the group. He was also ordered to serve three years of supervised release after his prison term.
Prosecutors said Tangeman played a key role as the operation’s money launderer, converting stolen cryptocurrency into cash and helping secure luxury rental properties in Los Angeles and Miami for members of the group.
The US Attorney’s Office noted that some of those homes were valued between US$4 million to about US$9 million, while the group members were “unemployed young men, often under 20 years old … with no legitimate source of income”.
The group, which operated from at least October 2023 to May 2025, grew out of connections formed on online gaming platforms and involved individuals across several US states and overseas.
Ring members carried out a range of roles, including hacking databases, identifying targets, making fraudulent calls and even burglarising homes to steal hardware crypto wallets.
According to prosecutors, Tangeman, who is from Newport Beach in California, was “well-rewarded for his criminal conduct”.
He benefited from the scheme, including receiving luxury cars as compensation and spent criminal proceeds on high-end goods.
One such vehicle was a Lamborghini Urus purchased for Tangeman by co-accused Lam, the US Attorney’s Office said.