COINOTAG reported on December 9 that the Department of Justice announced 22-year-old Evan Tangeman of California pleaded guilty to laundering funds for a cryptocurrency fraud ring, admitting to moving more than $3.5 million for the operation totalled about $263 million. The DOJ confirmed he is the ninth defendant to plead guilty in the case.

The scheme operated from October 2023 to May 2025, netting roughly 4,100 bitcoins valued at $263 million at the time, and about $371 million at current prices.

The operation blended technical intrusions and social engineering, including hackers, organizers, target identifiers, and phone scammers, with hardware-wallet burglars. Intruders breached websites and servers to obtain crypto databases, while the stolen records were used to target the most valuable victims.

This case signals enforcement against cryptocurrency fraud and related money-laundering, underscoring the need for stronger security, asset tracing, and regulatory compliance for exchanges and users amid rising scrutiny.