Man charged in $16 million crypto 'pig butchering' scam, US prosecutors say
Money laundering charge over a $16 million crypto fraud
The U.S. Attorney's Office for the Western District of Missouri has charged a man over his alleged role in a crypto fraud case involving about $16 million. Trung Nguyen Van, 37, from Vietnam, faces a money laundering charge, the office said in a statement.
Prosecutors described the case as a "massive pig butchering" scam. Pig butchering is a type of fraud in which criminals build a relationship with someone online, often a fake romance, and then push that person into a fake investment. The charge was announced on Friday and reported by The Block on September 25, 2026.
Key points
- Trung Nguyen Van, 37, of Vietnam, is charged with money laundering.
- Prosecutors say one victim sent about $16 million worth of crypto in the summer of 2024, believing they were investing on a platform called "Triangle."
- Prosecutors allege Van moved the funds into private crypto wallets shortly after receiving them.
- Other U.S.-based victims reported losing millions and linked the wallets they paid to with Van's crypto wallet, prosecutors said.
What the Justice Department statement says
The U.S. Attorney's Office said the victim transferred the crypto after being told they were investing in a platform called "Triangle." Right after the funds arrived, Van allegedly moved them into private crypto wallets, which are digital wallets only the holder controls.
R. Matthew Price, U.S. Attorney for the Western District of Missouri, said in a statement: "Pig butchering schemes are an increasingly prevalent and sophisticated form of fraud that have caused billions of dollars in losses to victims around the world."
Other victims linked to the same wallet
Prosecutors said more victims may be involved. Other people in the United States have reported millions of dollars in losses and said the wallets they sent funds to later sent money to Van's crypto wallet, according to the attorney's office.
The office said the victims were directed to different websites but described the same pattern. "Each of the victims were instructed to transfer cryptocurrency to different websites, but each victim reported a similar story," the attorney's office said. "In each of these schemes, victims were guided by an individual they met online to invest cryptocurrency in a specified 'website' with a promise of high financial returns."
What is confirmed
It is confirmed that the U.S. Attorney's Office for the Western District of Missouri announced a money laundering charge against Trung Nguyen Van, 37, from Vietnam, and that prosecutors described the case as a pig butchering scam.
The details of the transfers, the "Triangle" platform and the link to other victims are allegations made by prosecutors. They have not been proven in court, and the source material does not say whether Van has responded to the charge.
What is still unclear
The supplied material does not say where Van was arrested, whether he is in custody, whether he has a lawyer, or how he responds to the charge. No court date or next procedural step is given.
The exact total lost across all reported victims is also not stated. Prosecutors said other victims reported losses in the millions of dollars, without giving a combined figure.
Why this matters for crypto users
Pig butchering scams depend on victims sending crypto to websites that look like real investment platforms. Because crypto transfers are made directly between wallets, funds can be moved quickly once they are sent, which is what prosecutors allege happened here. The U.S. Attorney's Office said such schemes have caused billions of dollars in losses worldwide.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.