$53 MILLION IN CRYPTO FLOWS LINKED TO ALLEGED “PIG BUTCHERING” NETWORK
Sep 26, 2026
U.S. authorities have charged a 37-year-old Vietnamese national in connection with a large cryptocurrency laundering investigation tied to so-called “pig-butchering” investment scams.
According to the Department of Justice, one victim was convinced to transfer approximately $16 million in cryptocurrency to what appeared to be a legitimate investment platform called “Triangle.” Investigators say more than $569,000 from that victim was directly traceable to a crypto wallet associated with the defendant, Trung Nguyen Van.
The investigation became much larger when authorities examined the wallet activity. Prosecutors allege wallets associated with Van received approximately $53.3 million in cryptocurrency between 2018 and 2024 from wire-fraud schemes targeting Americans, with roughly $53.2 million subsequently transferred elsewhere.
The alleged scams followed a familiar pattern: victims met someone online, were gradually encouraged to invest through supposedly profitable crypto platforms and saw impressive-looking returns on screen. The problem appeared when they attempted to withdraw their money and discovered the investments weren't what they had been led to believe.
Van has been charged with money laundering. The allegations remain accusations and must be proven in court.
According to the Department of Justice, one victim was convinced to transfer approximately $16 million in cryptocurrency to what appeared to be a legitimate investment platform called “Triangle.” Investigators say more than $569,000 from that victim was directly traceable to a crypto wallet associated with the defendant, Trung Nguyen Van.
The investigation became much larger when authorities examined the wallet activity. Prosecutors allege wallets associated with Van received approximately $53.3 million in cryptocurrency between 2018 and 2024 from wire-fraud schemes targeting Americans, with roughly $53.2 million subsequently transferred elsewhere.
The alleged scams followed a familiar pattern: victims met someone online, were gradually encouraged to invest through supposedly profitable crypto platforms and saw impressive-looking returns on screen. The problem appeared when they attempted to withdraw their money and discovered the investments weren't what they had been led to believe.
Van has been charged with money laundering. The allegations remain accusations and must be proven in court.