California man sentenced to 70 months in prison for cryptocurrency money laundering

According to the Los Angeles Times, 22-year-old California man Evan Tangeman has been sentenced to 70 months in federal prison and three years of external supervision for laundering money for the "Crypto Kids" criminal gang. The gang impersonated Coinbase and Gemini employees to commit fraud, stealing over $263 million in cryptocurrency for the purchase of luxury cars, rental homes, and private jets. Tangeman admitted to laundering at least $3.5 million and receiving compensation from Lamborghini and Porsche. Federal agents seized a 2022 Rolls Royce Ghost and a Porsche GT3 RS from his home. Tangeman is the ninth defendant to plead guilty in the case.