U.S. prosecutors have charged Trung Nguyen Van, 37, a Vietnamese national, with money laundering connected to cryptocurrency fraud schemes. Van faces two money-laundering counts in the Western District of Missouri following an appearance in federal court in Los Angeles.
Prosecutors allege that crypto wallets controlled by Van received approximately $53.3 million in assets linked to wire-fraud schemes and subsequently transferred roughly $53.2 million onward.
Single Victim Lost $16 Million
The investigation began with a victim who believed they were investing through a cryptocurrency platform called Triangle. According to the U.S. Attorney's Office, the victim transferred approximately $16 million in cryptocurrency during the summer of 2024 after developing trust with people involved in the scheme. The victim was unable to withdraw the supposed investment.
Investigators connected the recipient infrastructure with other suspicious wallets and reports from additional U.S. victims who described similar experiences.
How Pig-Butchering Scams Operate
Pig-butchering schemes typically involve scammers cultivating a relationship with a victim over time before directing them toward a fake investment opportunity. Cryptocurrency is often used because large amounts can be moved quickly across borders without relying on conventional bank transfers.
While blockchain records can provide investigators with transaction trails, recovering funds remains difficult. Assets can move through multiple wallets, bridges, privacy tools and exchanges before law enforcement becomes aware of an incident.
The Department of Justice states that the FBI investigated the case. Van is presumed innocent unless proven guilty, and the criminal complaint is not evidence of guilt.
