Evan Tangmin, a 22-year-old resident of Newport Beach, California, has admitted involvement in a multi-state social engineering scheme that resulted in the theft of cryptocurrency valued at approximately $263 million. According to the U.S. prosecutor’s office, Tangmin accepted responsibility for laundering $3.5 million in crypto funds for the criminal group. He pleaded guilty in federal court to conspiracy under the Racketeer Influenced and Corrupt Organizations (RICO) Act. His sentencing is expected in April next year, making him the ninth defendant to admit guilt in the case.
A new second indictment has been issued, naming three additional suspects—Nicholas Delicau, Mustafa Ibrahim, and Danish Zulfiqar—who have been arrested from various cities and abroad. The criminal network operated from October 2023 to at least May 2025, originating from friendships formed through online gaming. Members of the group hailed from California, Connecticut, New York, Florida, and other countries.
The scheme involved hackers breaching databases to target high-value hardware wallets, while impersonators contacted crypto exchange or email service staff to obtain user account details. The thieves also physically broke into homes to steal hardware wallets. Tangmin converted stolen cryptocurrency into cash to acquire expensive rental properties for the group.
The largest theft occurred in August 2024, when 4,100 bitcoins worth $263 million at the time were taken from a victim in Washington, D.C.; the value of these bitcoins has since risen to over $368 million. The group used the stolen funds to finance a lavish lifestyle, including private jets, luxury cars, designer clothing, and nightclub services.
Investigations are ongoing, and further charges may be filed. Tangmin remains out on bail pending sentencing. The RICO law enables stringent action against criminal organizations based on collective evidence of wrongdoing.
Source: bitcoinmagazine
