Key members involved in the cryptocurrency theft and money laundering case led by Singaporean Malone Lam sentenced to 70 months in prison

BlockBeats news: On April 25, the U.S. Department of Justice disclosed that Evan Tangeman, a core member involved in a cryptocurrency theft and money laundering network, was sentenced by a U.S. federal court to 70 months in prison, involving more than $263 million.

Prosecutors allege that the criminal network was led by a Singaporean suspect, Malone Lam (not yet convicted). Using sophisticated social engineering methods, they carried out multi-state and cross-border attacks and stole large amounts of crypto assets.

As a key money laundering figure, Tangeman admitted to assisting with the laundering of at least $3.5 million in illegal funds, converting crypto assets into cash, and leasing multiple luxury properties for the group in Los Angeles and Miami—some of which are valued at as much as $4 million to $9 million.

Investigations show that many members of the group are young people under 20 years old, with no stable sources of income, yet they maintain lavish lifestyles using criminal funds, including supercars, luxury watches, high-end luxury goods, and nightclub spending of up to $500,000 in a single night.

Prosecutors also noted that Tangeman had received luxury cars such as a Lamborghini Urus from co-conspirators as “compensation,” and after his associates were arrested, he instructed them to destroy electronic evidence. The U.S. prosecutors said the case shows that the criminal network is a “greed-driven, large-scale operation.” At present, multiple members have pleaded guilty or been indicted, and the case is still under further review.