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A 22-year-old man has pleaded guilty for his role in a sophisticated criminal network that stole approximately $263 million in cryptocurrency. Evan Tangeman is the ninth defendant to plead guilty in connection with the group, dubbed the “Social Engineering Enterprise” (SE Enterprise), as reported by Graham Cluley for Bitdefender.
The SE Enterprise, formed through online gaming connections, targeted wealthy cryptocurrency investors across the United States. Members hacked databases to identify victims and used “callers” to impersonate exchange or email provider staff, tricking individuals into revealing login credentials. The group also employed money launderers and even burglars to steal hardware wallets. Their largest known heist occurred on August 18, 2024, when they allegedly deceived a victim into transferring over 4,100 Bitcoin, valued at approximately $263 million at the time. Tangeman admitted to laundering $3.5 million worth of stolen cryptocurrency.
The lavish spending by SE Enterprise members, including luxury rentals, exotic cars, and private jets, ultimately drew attention and contributed to their downfall. This case highlights the evolving tactics of cybercriminals and the significant financial and personal risks associated with cryptocurrency theft.
Source: Graham Cluley, Bitdefender