A Vietnamese national has been charged in the United States for his alleged role in a major cryptocurrency “pig butchering” scam that caused one victim to lose around $16 million. Trung Nguyen Van, 37, faces two counts of money laundering in a criminal complaint filed in the Western District of Missouri. The complaint was unsealed after Van made his initial appearance in federal court in Los Angeles. U.S. prosecutors say the case is connected to a wider fraud operation involving cryptocurrency and victims in the United States.
According to prosecutors, the victim transferred approximately $16 million worth of cryptocurrency between June and August 2024. The victim believed the money was being invested through a cryptocurrency platform called “Triangle.” Investigators later traced part of the money to a cryptocurrency wallet allegedly connected to Van. On August 7, 2024, more than $569,000 in cryptocurrency was traced directly to that wallet, according to the affidavit supporting the criminal complaint.
Two days later, on August 9, Van’s cryptocurrency wallet allegedly received six transfers totaling approximately $569,569 that investigators said could be traced back to the same victim. Shortly after receiving the funds, Van allegedly moved about $567,999 through four separate transactions to a private, unhosted cryptocurrency wallet. Such wallets are not maintained by a centralized cryptocurrency exchange or other financial institution. Investigators say this movement of funds is part of the evidence supporting the money-laundering charges against him.
The investigation also points to activity involving other possible victims and much larger amounts of cryptocurrency. From February 9, 2018, through December 17, 2024, wallets linked to Van allegedly received approximately $53,275,939 in cryptocurrency from wire-fraud schemes targeting people in the United States. During the same period, those wallets allegedly transferred approximately $53,188,466 worth of the cryptocurrency to other accounts outside the centralized blockchain network. Several U.S.-based victims also reported losing millions of dollars in separate schemes involving suspicious wallets that allegedly sent funds to Van’s cryptocurrency wallet.
The scams described by investigators followed a similar pattern. Victims were often approached by someone they met online through dating websites, social media, text messages or other messaging platforms, and the person gradually built their trust before introducing a supposed cryptocurrency investment opportunity. Victims were then directed to websites that appeared to show profitable investments and were encouraged to put in larger amounts of money. When they later tried to withdraw their funds, they were unable to do so and eventually discovered that they had been defrauded.
U.S. Attorney R. Matthew Price described pig-butchering schemes as an increasingly sophisticated form of fraud that has caused billions of dollars in losses around the world. FBI Special Agent in Charge Chris Ormerod said investigators worked with law-enforcement and private-sector partners to uncover and disrupt the alleged scheme. The case is being prosecuted by Assistant U.S. Attorneys Jeffrey Q. McCarther and James Kirkpatrick and was investigated by the FBI. The charges against Van are allegations only, and the evidence will have to be presented to a federal trial jury, which will determine whether he is guilty or innocent.
Stay alert, and keep your security measures updated!
Source: Follow cybersecurity88 on X and LinkedIn for the latest cybersecurity news
