Vietnamese national charged in $16 million cryptocurrency pig butchering scam

A Vietnamese national has been charged with money laundering for his alleged role in a massive "pig butchering" scam that defrauded a victim of $16 million in cryptocurrency. Trung Nguyen Van, 37, was arrested in Los Angeles after entering the U.S. through California, with further coverage provided by Bleeping Computer.

The charges against Van are part of a larger wire fraud scheme involving over $125 million in cryptocurrency. Court documents indicate Van's cryptocurrency wallets received more than $53 million between February 2018 and December 2024, with at least $24 million linked to known pig butchering schemes. The scam involves fraudsters building trust with victims online, often through social media or dating apps, before luring them into fake cryptocurrency investment platforms. In this instance, a victim transferred approximately $16 million to Van's wallet, believing they were investing in a platform called "Triangle."

After receiving the funds, Van allegedly transferred them to a private wallet off the centralized blockchain. The FBI reported that Americans lost nearly $21 billion to cybercrime last year, with investment scams accounting for a significant portion of these losses.

Source: Bleeping Computer