A 37-year-old Vietnamese national has been charged with money laundering in connection with a cryptocurrency scam that cost one victim approximately $16 million. Authorities arrested Trung Nguyen Van after he entered the United States and attempted to leave for Taiwan.

Van crossed into the United States on foot at the San Ysidro border crossing with Mexico in California on September 22. Two days later, on September 24, he was taken into custody at Los Angeles International Airport before he could board a flight bound for Taiwan.

The Alleged Fraud Scheme

Court records state that one of Van’s victims transferred about $16 million in cryptocurrency between June and August 2024. The transfers went directly to a cryptocurrency wallet controlled by Van. The victim believed the funds were being invested in an online platform known as Triangle.

After receiving the assets, Van moved them to a private, unhosted cryptocurrency wallet outside the centralized blockchain network, according to the charging documents.

Prosecutors describe the case as part of a wider wire fraud operation involving more than $125 million in cryptocurrency. Between February 9, 2018, and December 17, 2024, wallets linked to Van received approximately $53.275 million in cryptocurrency from schemes that targeted United States citizens. Nearly the same amount, about $53.188 million, was then transferred to other accounts off the centralized network. At least $24 million of those assets have been tied to known pig butchering operations.

In each instance reported by victims, individuals met online directed them to transfer cryptocurrency to specific websites that promised high financial returns. Victims later found they could not withdraw their funds and realized they had been defrauded.

How Pig Butchering Scams Operate

Pig butchering scams, sometimes called cryptocurrency investment scams or romance baiting, typically begin with contact through social media, dating platforms, or messaging applications. Fraudsters spend time building trust with targets before steering them toward fabricated investment opportunities. Once funds are transferred, the money is moved into accounts controlled by the scammers rather than invested as promised.

Federal data shows the scale of such crimes. The Federal Bureau of Investigation reported that Americans lost nearly $21 billion to cyber-enabled offenses in the previous year. Investment scams made up 49 percent of all scam-related incidents and accounted for $8.6 billion in losses.

Broader Enforcement Efforts

The case against Van comes amid increased federal attention to international cryptocurrency fraud networks. In a separate matter earlier this year, a Chinese national received a 20-year prison sentence in absentia for involvement in a pig butchering operation that defrauded victims of more than $73 million. U.S. authorities have also formed a specialized strike force aimed at disrupting Chinese-linked cryptocurrency scam operations.

Van remains charged with money laundering related to the $16 million transfer and the larger pattern of activity tied to his cryptocurrency wallets.