Vietnamese National Charged in $16 Million Pig‑Butchering Crypto Scheme

Trung Nguyen Van, 37, was indicted on two money‑laundering counts in the Western District of Missouri for his role in a multi‑year “pig‑butchering” crypto fraud that targeted U.S. investors.

How the Scheme Operated

Victims were first contacted through dating apps, unsolicited texts or social media, where fraudsters built personal relationships before steering them toward fake cryptocurrency investment platforms. The scheme’s name refers to the practice of “fattening up” a target before extracting large sums.

Financial Impact

• One victim wired approximately $16 million in cryptocurrency between June and August 2024, believing they were investing in a platform called “Triangle.”
• Investigators traced a single transfer of more than $569,000 directly to a wallet controlled by Van.
• Six additional transfers of roughly the same total amount were sent to the same wallet days later, after which Van moved about $568,000 into a self‑custody wallet.
• From February 2018 to December 2024, Van’s wallets received an estimated $53.3 million linked to wire‑fraud schemes targeting Americans.

Law Enforcement Response

The complaint was unsealed after Van’s initial court appearance in Los Angeles. U.S. Attorney R. Matthew Price emphasized that “pig‑butchering schemes are an increasingly prevalent and sophisticated form of fraud” and pledged aggressive prosecution. FBI Special Agent in Charge Chris Ormerod noted that the Kansas City Field Office worked with private‑sector partners to trace the funds and disrupt the operation.