A Vietnamese national faces money laundering charges over an alleged crypto investment scam that cost one victim approximately $16 million. Prosecutors say cryptocurrency transfers link the victim’s losses to wallets controlled by 37-year-old Trung Nguyen Van.
Authorities Arrest Suspect at Los Angeles Airport
Van entered the United States through the San Ysidro pedestrian border crossing in California on September 22.
Two days later, authorities arrested him at Los Angeles International Airport before he could board a flight to Taiwan.
According to the criminal complaint, the case forms part of a broader wire fraud investigation involving more than $125 million in cryptocurrency. However, that figure represents the wider alleged scheme, rather than the amount investigators traced to Van’s wallets.
Victim Sent $16 Million to Fake Investment Platform
Between June and August 2024, one victim transferred approximately $16 million in cryptocurrency while supposedly investing through a platform called “Triangle.”
Investigators say they traced those transfers directly to Van’s cryptocurrency wallet. He allegedly moved the funds onward to a private, self-hosted wallet.
Meanwhile, other victims described similar experiences involving different investment websites. Each said someone they met online encouraged them to invest cryptocurrency with promises of substantial returns.
However, when victims tried to withdraw their money, they could not access it. They eventually realized the investment opportunities were fraudulent.
Investigators Trace More Than $53 Million Through Wallets
According to prosecutors, Van’s wallets received approximately $53.28 million between February 2018 and December 2024.
Court documents link at least $24 million of those assets to known “pig butchering” schemes. In addition, the Justice Department alleges that the wallets received funds from wire fraud schemes targeting U.S. citizens.
The wallets subsequently transferred approximately $53.19 million in cryptocurrency to other accounts, according to the department.
These figures describe prosecutors’ allegations. The charges do not establish Van’s guilt.
How the Crypto Investment Scam Builds Trust
“Pig butchering” schemes typically begin with contact through social media, dating websites, or messaging apps.
First, scammers build a relationship with a potential victim. They then introduce a supposed cryptocurrency investment opportunity, often promising unusually high returns.
Instead of investing the deposits, however, the operators move the money into cryptocurrency accounts they control.
As a result, victims may continue sending funds before discovering that they cannot withdraw their supposed investments or profits.
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