$16 Million Cryptocurrency Scam Leads to Money Laundering Charges
A massive cryptocurrency scam has led to a Vietnamese national being charged with money laundering. Trung Nguyen Van, 37, was arrested in Los Angeles after entering the U.S. through California. The charges are part of a larger wire fraud scheme involving over $125 million in cryptocurrency.
Court documents show that Van's cryptocurrency wallets received more than $53 million between February 2018 and December 2024. At least $24 million of this was linked to known 'pig butchering' schemes, which involve scammers building trust with victims online before luring them into fake investment platforms.
A victim in this case 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.