Federal prosecutors have charged Trung Nguyen Van, a 37-year-old Vietnamese national, with two counts of money laundering, alleging that cryptocurrency wallets linked to him received and moved tens of millions of dollars connected to fraud schemes targeting victims in the United States. Money laundering charges focus on the handling and movement of alleged criminal proceeds rather than the fraud schemes, which places the alleged movement of victims' funds at the center of the case.

The case centers in part on a $16 million investment scam involving a platform known as Triangle. According to the U.S. Attorney's Office for the Western District of Missouri, one victim transferred approximately $16 million in cryptocurrency between June and August 2024 after being led to believe they were investing through the platform.

The criminal complaint was unsealed after Van appeared in federal court in Los Angeles. The pairing of Missouri charges with a Los Angeles court appearance underscores the multi-jurisdictional footprint of the case, which links a Vietnamese defendant to schemes allegedly aimed at victims in the United States. Investigators allege that wallets associated with him were also connected to cryptocurrency transfers involving other alleged fraud victims.

Tracing the Triangle Transactions

Investigators identified several transactions allegedly tied to the Triangle victim. On August 7, prosecutors traced a transfer worth more than $569,000 to a wallet associated with Van. Two days later, the same wallet received six transfers totaling approximately $569,569 that investigators linked to the victim. The transaction-by-transaction tracing shows how investigators connect specific wallets to identified victims in cryptocurrency fraud cases.

Van then allegedly moved approximately $567,999 through four transactions to a private wallet. Authorities noted that the transactions identified in the complaint represent only part of the victim's alleged $16 million loss, and do not account for the entire amount the victim reportedly transferred.

Wallets Linked to $53.3 Million in Alleged Fraud

The allegations extend beyond the Triangle case. According to prosecutors, wallets associated with Van received approximately $53.3 million in cryptocurrency connected to fraud schemes targeting U.S. citizens between February 2018 and December 2024 — a span of nearly seven years. Those wallets subsequently transferred approximately $53.2 million to other accounts.

Investigators also examined cases involving other U.S. victims who reported combined losses of millions of dollars through investment schemes operated across different websites. Some of the wallets tied to those alleged losses were linked to transfers into wallets connected to Van.

Although the websites differed, prosecutors allege that victims were contacted online and encouraged to make cryptocurrency investments based on promises of high returns. The victims later discovered they were unable to withdraw their funds.

Authorities Describe 'Pig Butchering' Pattern

Authorities characterize the alleged schemes as a form of "pig butchering" fraud, in which criminals build relationships with potential victims before gradually persuading them to commit larger sums of money. Initial contact can occur through dating platforms, social media, text messages, or messaging applications. Once trust is established, perpetrators allegedly direct victims toward cryptocurrency investments that appear capable of producing substantial returns.

U.S. Attorney R. Matthew Price described the schemes as sophisticated fraud that has contributed to billions of dollars in losses worldwide. Against that backdrop, the charges against Van address a later stage of such schemes: the alleged movement of victims' funds after they have been handed over.

The FBI investigated the case, while prosecutors in Missouri brought the money laundering charges against Van. The allegations remain unproven in court: prosecutors must establish the charges beyond the applicable legal standard, and a jury would ultimately determine whether Van is guilty or innocent. Van's case now proceeds through the federal court system.