US authorities have charged a 37-year-old Vietnamese national with money laundering after investigators linked his cryptocurrency wallets to a large investment scam that allegedly cost one victim approximately $16 million.
Trung Nguyen Van faces two money laundering counts in the Western District of Missouri. The criminal complaint was unsealed after Van made his initial appearance in federal court in Los Angeles.
The investigation centers on a type of long-term investment fraud commonly known as “pig butchering.” These schemes typically begin when criminals establish an online relationship with a victim before gradually introducing what appears to be a profitable cryptocurrency investment opportunity.
According to prosecutors, one victim was persuaded to invest through a cryptocurrency platform called “Triangle.” Between June and August 2024, the victim transferred approximately $16 million worth of cryptocurrency while believing the money was being placed into legitimate investments.
The supposed investment eventually proved inaccessible. Like victims in similar schemes, the individual was unable to withdraw the money that had been deposited.
Blockchain analysis allowed investigators to follow some of those funds. Prosecutors say a transfer worth more than $569,000 made on August 7 was directly traceable to a cryptocurrency wallet associated with Van.
On August 9, the same wallet allegedly received six transfers totaling approximately $569,569 that investigators also traced to the victim. Van then allegedly transferred about $567,999 through four transactions to a private cryptocurrency wallet. The investigation uncovered a much larger flow of suspected criminal funds.
Between February 2018 and December 2024, cryptocurrency wallets associated with Van allegedly received approximately $53.3 million in assets originating from wire fraud schemes targeting people in the United States. About $53.2 million was subsequently transferred from those wallets to other accounts.
Investigators also identified additional US victims who reported losing millions of dollars through similar cryptocurrency investment schemes. Although they were directed to different websites, authorities said their experiences followed the same basic pattern.
Each was approached by someone online and encouraged to invest cryptocurrency with promises of significant returns. The websites appeared to show successful investments, encouraging victims to deposit additional money. When they eventually attempted to withdraw their funds, they discovered they could not access them.