A Vietnamese national has been charged with laundering money from a sprawling “pig butchering” cryptocurrency scam that U.S. federal prosecutors say bilked one victim out of roughly $16 million, and moved tens of millions more through his digital wallets over several years.
Feds Charge Vietnamese National in $16M Pig Butchering Crypto Scheme
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Key Takeaways
- Trung Nguyen Van, 37, was charged with money laundering tied to a “pig butchering” crypto scam.
- One victim allegedly lost $16 million; over $569,000 was traced directly to Van’s wallet.
- Van’s wallets received an estimated $53.3 million from fraud schemes between 2018–2024.
Alleged ‘Pig Butchering’ Crypto Fraud
Trung Nguyen Van, 37, faces a two-count criminal complaint in the Western District of Missouri charging him with money laundering. The complaint was unsealed this week after Van made an initial court appearance in Los Angeles, according to the U.S. Attorney’s Office in Kansas City.
Pig butchering schemes—named for the practice of “fattening up” a victim before financially devastating them—typically begin with fraudsters striking up seemingly romantic relationships with targets online, often through dating apps, unsolicited texts or social media messages. Once trust is established, victims are steered toward fake crypto investment platforms and encouraged to pour in increasingly large sums after being shown fabricated returns.
According to court filings, the victim in this case wired approximately $16 million in cryptocurrency between June and August 2024, believing they were investing in a platform called “Triangle.” Investigators traced a single transfer of more than $569,000 directly to a wallet controlled by Van. Days later, that wallet received six additional transfers totaling roughly the same amount before Van allegedly moved nearly all of it—about $568,000—into a self-custody wallet.
Authorities say the pattern extended far beyond one victim. Between February 2018 and December 2024, Van’s wallets received an estimated $53.3 million in cryptocurrency tied to wire fraud schemes targeting Americans, nearly all of which was subsequently funneled off the traceable blockchain.
“Pig butchering schemes are an increasingly prevalent and sophisticated form of fraud that have caused billions of dollars in losses to victims around the world,” said R. Matthew Price, U.S. attorney for the Western District of Missouri, in a statement. “Fraudsters should know that we will use every available resource to pursue those who target innocent victims.”
FBI Special Agent in Charge Chris Ormerod said the bureau’s Kansas City Field Office worked with private-sector partners to unravel the scheme and prevent further victimization.
