$16 Million Crypto Scam Lands Vietnam-Based Man Behind Bars

A Missouri court has charged Trung Nguyen Van, a 37-year-old from Vietnam, with money laundering for his role in a $16 million crypto scam.

Pig butchering scams, also known as romance scams, involve building relationships with users to lure them into fraudulent investments. In this case, the victim was convinced they were investing in a crypto platform called 'Triangle'.

The victim transferred about $16 million worth of cryptocurrency over the summer of 2024, thinking it would yield high financial returns. However, Van allegedly immediately transferred these funds into private wallets once received.

R. Matthew Price, U.S. Attorney for the Western District of Missouri, stated that 'pig butchering schemes are an increasingly prevalent and sophisticated form of fraud' causing billions in losses worldwide.