The U.S. Attorney’s Office for the Western District of Missouri has charged 37-year-old Vietnamese citizen Trung Nguyen Van with two money-laundering counts in connection with an alleged large-scale “pig butchering” cryptocurrency scheme. From February 2018 through December 2024, investigators allege, cryptocurrency wallets linked to Van received about $53.28 million in digital assets from fraudulent schemes targeting U.S. citizens.

The criminal complaint was unsealed after Van made his initial appearance in federal court in Los Angeles, the U.S. Department of Justice reported.

Investigators trace alleged fund flows

Of the approximately $53.28 million received by wallets linked to Van, about $53.19 million was subsequently transferred to other accounts, according to investigators.

One victim sent about $16 million in cryptocurrency from June through August 2024 to what was presented as the Triangle investment platform. Investigators found that more than $569,000 of those funds went directly to Van’s wallet.

After receiving the assets, Van allegedly transferred nearly the entire amount to a private, non-custodial address, according to the case materials.

Law enforcement also linked funds from other U.S. victims to wallets associated with Van. In each case, the perpetrators met victims online, gained their trust and persuaded them to invest cryptocurrency through fraudulent investment websites, investigators said.

The websites displayed fictitious profits and encouraged users to increase their deposits. The victims were then unable to withdraw their funds.

The FBI conducted the investigation. The Justice Department emphasized that the charges are allegations, do not constitute evidence of guilt and must be resolved by the court.

U.S. authorities previously seized $112 million linked to a separate “pig butchering” scheme.

Source: Incrypted