U.S. prosecutors have charged a Vietnamese national with money laundering tied to alleged cryptocurrency \u201cpig butchering\u201d schemes.
\nProsecutors say wallets controlled by the defendant received roughly $53.3 million linked to fraud schemes targeting U.S. victims.
\nOne victim allegedly transferred about $16 million after being directed to a fake crypto investment platform.<\/p>\n
U.S. prosecutors have charged a Vietnamese national over an alleged cryptocurrency fraud network that moved more than $53 million through wallets<\/a> connected to \u201cpig butchering\u201d scams.<\/p>\n Trung Nguyen Van, 37, faces two money-laundering counts in the Western District of Missouri following an appearance in federal court in Los Angeles.<\/p>\n The charges are allegations and have not been proven at trial.<\/p>\n According to the U.S. Attorney\u2019s Office, the case grew from an investigation into a victim who believed they were investing through a cryptocurrency platform called Triangle.<\/p>\n Prosecutors say the victim transferred approximately $16 million in crypto during the summer of 2024 after developing trust with people involved in the scheme.<\/p>\n The victim was eventually unable to withdraw the supposed investment.<\/p>\n Investigators then connected the recipient infrastructure with other suspicious wallets and reports from additional U.S. victims who described similar experiences.<\/p>\n Authorities say 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.<\/p>\n The complaint alleges those transactions were part of laundering funds obtained through fraud.<\/p>\n Pig-butchering schemes generally involve scammers cultivating a relationship with a victim over time before directing them toward a fake investment opportunity.<\/p>\n Crypto is often used because large amounts can be moved quickly across borders without relying on a conventional bank transfer.<\/p>\n The same blockchain records can later become evidence.<\/p>\nOne Victim Allegedly Lost About $16M<\/h2>\n
Crypto Makes The Money Movable, But Also Traceable<\/h2>\n