A 22-year-old California resident pleaded guilty to his role in a multi-state social engineering scheme that stole approximately $263 million in cryptocurrency.
Evan Tangeman of Newport Beach, California, admitted to laundering $3.5 million in cryptocurrency for the criminal enterprise, the U.S. Attorney’s Office announced Monday.
Tangeman pleaded guilty to participating in a Racketeer Influenced and Corrupt Organization (RICO) conspiracy before U.S. District Court Judge Colleen Kollar-Kotelly.
Sentencing is scheduled for April 24, 2026. He is the ninth defendant to plead guilty in this specific investigation.
The court also opened the Second Superseding Indictment, adding three more defendants. Nicholas Dellecave, also known as “Nic” or “Souja,” Mustafa Ibrahim, also known as “Krust,” and Dane Zulfiqar, also known as “Danny” or “Meech,” face RICO conspiracy charges along with the other members of Social Engineering Enterprise (SE Enterprise).
Dellegave was arrested in Miami on December 3, 2025. Ibrahim and Zulfiqar were recently arrested in Dubai.
According to prosecutors, the company began in October 2023 and continued until at least May 2025. It originated from friendships formed on online gaming platforms. The group included people from California, Connecticut, New York, Florida and abroad.
Details of rampant cryptocrime
The scheme involved database hackers, organizers, target IDs, callers, and residential burglars targeting hardware wallets containing cryptocurrency. Hackers used stolen databases to identify high-value targets.
The callers posed as crypto exchange personnel or email providers to trick victims into revealing account credentials.
Thieves physically broke into homes to steal hardware wallets.
Tangeman acted as a money launderer. Converted stolen cryptocurrency into cash using a bulk cash converter. Tangeman then used the cash to obtain rental homes for group members, often including false names on the leases.
Some properties rent for between $40,000 and $80,000 a month. He got houses in Los Angeles and Miami.
The largest known theft occurred on August 18, 2024. Tangeman’s co-conspirators, including Malone Lam and Danish Zulfiqar, tricked a victim in Washington, DC, into transferring more than 4,100 Bitcoin. At the time, the cryptocurrency was valued at $263 million. The same amount is now worth more than $368 million.
Tangeman also helped Lam obtain approximately $3 million in stolen cryptocurrency cash to secure a rental property.
After Lam’s arrest on September 18, 2024, Tangeman accessed home security systems to take screenshots of FBI agents during searches. He also asked another member to recover and destroy digital devices from Lam’s Los Angeles residence.
Prosecutors said the company spent the stolen funds on a lavish lifestyle. The purchases included nightclub services worth up to $500,000 a night, luxury handbags, watches valued between $100,000 and $500,000, designer clothing, rental houses, private jets, security guards and a fleet of at least 28 exotic cars ranging from $100,000 to $3.8 million.
Three additional defendants revealed
With Tangeman’s guilty plea, prosecutors have unsealed charges against three additional defendants. The Second Superseding Indictment shows that the investigation is ongoing. Authorities have not revealed whether any of the stolen Bitcoin has been recovered or whether restitution will be sought.
SE Enterprise relied on social engineering rather than sophisticated hacking techniques. The group’s operations originated from online friendships, but the stolen funds financed high-profile purchases and attracted attention.
Authorities said the defendants’ extravagant spending helped expose their activities.
Tangeman remains free pending sentencing.
Federal penalties for RICO conspiracy and money laundering carry significant prison sentences. The Justice Department has indicated that additional charges may arise as the investigation continues.
A RICO conspiracy occurs when individuals agree to engage in a pattern of criminal activity or extortion through an “enterprise.” Under the Racketeer Influenced and Corrupt Organizations Act (RICO), prosecutors can connect separate crimes and individuals under a single charge.
The focus is on demonstrating a shared criminal objective, not that all participants committed all acts.
