A 37-year-old Vietnamese national has been charged with money laundering over his alleged role in a cryptocurrency investment scam known as “pig butchering.” Prosecutors say one victim lost about $16 million in cryptocurrency.
Trung Nguyen Van entered the United States at the San Ysidro border crossing on September 22 and was arrested on September 24 before boarding a flight to Taiwan from Los Angeles International Airport, according to the source report. The victim transferred cryptocurrency between June and August 2024, believing they were investing through a platform called “Triangle.” The transfers were traceable to a wallet linked to Van. Prosecutors say the funds were then moved to a private crypto wallet outside the centralized blockchain network.
Court documents describe a broader wire fraud scheme involving more than $125 million in cryptocurrency. Van’s wallets received about $53.3 million between February 2018 and December 2024, including at least $24 million linked to known pig butchering schemes, according to the Department of Justice. The wallets sent about $53.2 million to other accounts outside the centralized blockchain network.
In these scams, people met online are encouraged to invest on websites promising high returns. Victims later find they cannot withdraw their funds. The charges against Van concern alleged money laundering; the source does not report a conviction.
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