A Vietnamese national has been charged with money laundering in connection with a massive 'pig butchering' scam. The scheme reportedly defrauded one victim out of $16 million worth of cryptocurrency. **Trung Nguyen Van**, 37, was arrested on September 24 at Los Angeles International Airport, just two days after entering the United States via the San Ysidro, California / Mexico border crossing. He was attempting to board a flight to Taiwan. ### The Anatomy of a $16 Million Deception One of Van's victims transferred approximately $16 million in cryptocurrency between June and August 2024. These transfers were directly traceable to **Van's** cryptocurrency wallet. The victim believed they were investing in a legitimate crypto investment platform named "**Triangle**." After receiving the funds, the defendant allegedly moved them to a private, unhosted crypto wallet, effectively taking them off the centralized blockchain network. ### Broader Scheme Uncovered Court documents reveal that these charges are part of a larger wire fraud scheme involving over $125,000,000 in cryptocurrency. **Van's** crypto wallet is reported to have received more than $53 million between February 2018 and December 2024. This includes at least $24 million in crypto assets linked to known "pig butchering" operations. The **Department of Justice (DOJ)** stated, "From Feb. 9, 2018, through Dec. 17, 2024, Van's cryptocurrency wallets received approximately $53,275,939 in cryptocurrency assets from wire fraud schemes targeting United States citizens. The wallet transferred approximately $53,188,466 worth of the same cryptocurrency assets to other accounts off the centralized blockchain network." ### Understanding Pig Butchering Scams "Pig butchering" scams, also known as cryptocurrency investment scams or romance baiting, involve fraudsters building trust with targets through social media, dating sites, and messaging apps. Once trust is established, victims are lured into fake investment schemes. Instead of investing the funds, the scammers divert the money into crypto accounts under their control, leaving victims with significant losses. Each victim in these schemes reported a similar story: they were guided by an individual met online to invest cryptocurrency in a specific 'website' with promises of high financial returns. Ultimately, they were unable to withdraw their funds and discovered they had been defrauded. ### The Cost of Cybercrime The **U.S. Federal Bureau of Investigation (FBI)**, in its **2025 Internet Crime Report**, highlighted that Americans lost nearly $21 billion to cyber-enabled crimes last year. Investment scams alone accounted for 49% of all scam-related incidents, resulting in $8.6 billion in losses. In a related development, a Chinese national was sentenced to 20 years in prison in absentia in February for his role in an international pig butchering scheme that defrauded victims of over $73 million. This followed the establishment of the **Scam Center Strike Force team** by U.S. federal authorities, aimed at disrupting Chinese cryptocurrency scam networks.