Vietnamese Citizen Charged in the US with Cryptocurrency Fraud of $16 Million

The U.S. Department of Justice has charged 37-year-old Vietnamese citizen Trung Nguyen Van with cryptocurrency fraud, theft of digital assets amounting to $16 million, and money laundering. Nguyen Van is alleged to have participated in a scheme known as "Pig Butchering," where scammers build trusting relationships with victims and convince them to invest in supposedly profitable projects. One victim sent cryptocurrency worth $16 million to an address associated with Nguyen Van from June to August 2024, believing they were investing through the Triangle platform. In August, he transferred approximately $569,569 to Van in six transactions. The funds were quickly transferred to a non-custodial cryptocurrency wallet. From February 9, 2018, to December 17, 2024, Nguyen Van's cryptocurrency wallet received digital assets totaling over $53 million obtained through fraudulent means. Nguyen Van found future victims by promising high returns and providing instructions on how to transfer cryptocurrency. He arrived in the U.S. on September 22 and was arrested on September 24 at Los Angeles International Airport before departing for Taiwan.

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