**SEO Title:** 22-Year-Old Pleads Guilty in $263 Million Crypto Theft
**Meta Description:** A California man admits to laundering $3.5 million in a massive crypto theft scheme, involving over $263 million in stolen assets.
**URL Slug:** 22-year-old-pleads-guilty-crypto-theft
**Headline:** California Man, 22, Admits Guilt in $263 Million Cryptocurrency Theft Scheme
A 22-year-old resident of Newport Beach, California, has pleaded guilty to his involvement in a sophisticated social engineering scheme that resulted in the theft of approximately $263 million in cryptocurrency. Evan Tangeman admitted to laundering $3.5 million in stolen crypto, as announced by the U.S. Attorney’s Office. He entered his plea before U.S. District Court Judge Colleen Kollar-Kotelly and is scheduled for sentencing on April 24, 2026. Tangeman is the ninth individual to plead guilty in this ongoing investigation.
The court has also revealed a Second Superseding Indictment, which includes three additional defendants: Nicholas Dellecave, known as “Nic” or “Souja,” Mustafa Ibrahim, referred to as “Krust,” and Danish Zulfiqar, also called “Danny” or “Meech.” All three face charges related to the Racketeer Influenced and Corrupt Organizations (RICO) conspiracy alongside other members of the Social Engineering Enterprise (SE Enterprise). Dellecave was apprehended in Miami on December 3, 2025, while Ibrahim and Zulfiqar were recently arrested in Dubai.
The criminal enterprise reportedly began in October 2023 and persisted until at least May 2025, stemming from friendships formed on online gaming platforms. The group operated across multiple states, including California, Connecticut, New York, and Florida, as well as internationally.
**Details of the Crypto Crime Scheme**
The operation involved a range of criminal activities, including database hacking, target identification, and physical burglaries aimed at stealing hardware wallets containing cryptocurrency. Hackers utilized stolen databases to pinpoint high-value targets, while callers impersonated staff from cryptocurrency exchanges or email providers to deceive victims into disclosing their account credentials. Additionally, burglars physically invaded homes to steal hardware wallets.
In his role as a money launderer, Tangeman converted the stolen cryptocurrency into cash using a bulk-cash converter. He then used the cash to secure rental properties for members of the group, often under false names. Some of these properties had rental prices ranging from $40,000 to $80,000 per month, located in cities like Los Angeles and Miami.
The most significant theft occurred on August 18, 2024, when Tangeman’s co-conspirators, including Malone Lam and Danish Zulfiqar, tricked a victim in Washington, D.C., into transferring over 4,100 Bitcoin, valued at $263 million at the time. This amount has since appreciated to over $368 million. Tangeman also assisted Lam in obtaining approximately $3 million in cash from the stolen cryptocurrency to secure a rental property.
Following Lam’s arrest on September 18, 2024, Tangeman accessed home security systems to capture screenshots of FBI agents during their searches and instructed another member to retrieve and destroy digital devices from Lam’s residence in Los Angeles. Prosecutors have indicated that the enterprise used the stolen funds to finance a lavish lifestyle.
**Conclusion**
The case highlights the growing threat of cryptocurrency-related crimes and the complexities involved in tracking and prosecuting such offenses. As the investigation continues, further developments are expected, particularly with the additional defendants now facing charges.
**FAQ**
**What is the significance of the guilty plea in this case?**
The guilty plea signifies a critical step in addressing the rising issue of cryptocurrency theft and fraud, showcasing law enforcement’s commitment to prosecuting those involved in such criminal activities.
