Social Engineering Enterprise cryptocurrency thefts hack — October 2023

On 15 May 2025 the US Attorney's Office for the District of Columbia unsealed a four-count superseding indictment charging twelve more people over what prosecutors call the Social Engineering Enterprise, a racketeering conspiracy they say ran from around October 2023 to May 2025 and stole cryptocurrency from victims across the United States and abroad.

The indictment describes a division of labour rather than a single intrusion. Some members hacked or bought databases of cryptocurrency users; others selected targets and cold-called them posing as exchange or wallet security staff, warning of a breach and steering victims into handing over account access or installing remote-access software. A separate crew burgled homes to seize hardware wallets. Prosecutors say the enterprise grew out of friendships formed on online gaming platforms.

Almost the entire headline figure comes from one theft. On 18 August 2024 conspirators took more than 4,100 bitcoin from a single holder. The September 2024 indictment of Malone Lam and Jeandiel Serrano valued those coins at over $230 million; IRS Criminal Investigation later valued the same coins at $263 million, and the two figures should not be read as separate sums. Prosecutors said the callers first impersonated Google security, then Gemini support, and watched the victim's screen while he opened his private key files.

Proceeds were moved through mixers and exchanges using peel chains, pass-through wallets and VPNs, then spent conspicuously: at least 28 exotic cars valued between $100,000 and $3.8 million each, luxury watches, private jets, rented houses, and nightclub bills up to $500,000 a night.

Evan Tangeman pleaded guilty to RICO conspiracy on 8 December 2025, admitting he helped launder at least $3.5 million, with sentencing set for 24 April 2026. The remaining charges are allegations that have not been tried. Prosecutors said at least $100 million of the flagship theft remains unaccounted for.