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U.S. prosecutors have charged Vietnamese national Trung Nguyen Van over alleged involvement in a $16 million cryptocurrency fraud scheme, the U.S. Department of Justice said on Sept. 25.
According to the DOJ, Van is accused of taking part in a so-called pig-butchering scam, in which fraudsters build trust with victims through online dating sites and social media before steering them to fake crypto investment platforms and misappropriating their funds. The DOJ said one victim sent about $16 million in cryptocurrency to the fake investment platform Triangle between June and August 2024, believing the funds were being invested, and about $569,000 of that amount flowed into Van’s crypto wallet. Investigators also found that the wallet received about $53.27 million in cryptocurrency tied to wire fraud targeting U.S. citizens between February 2018 and December 2024, according to the DOJ.