KANSAS CITY, MO. — This is an official press release from the U.S. Department of Justice (USAO - Missouri, Western), published as received.
KANSAS CITY, Mo. – A Vietnamese national was charged for his role in defrauding a victim out of millions of dollars’ worth of cryptocurrency in a wire fraud “pig butchering” scam.
Trung Nguyen Van, 37, was charged in a Western District of Missouri two-count criminal complaint with money laundering that was unsealed following his initial appearance in federal court in Los Angeles yesterday.
Pig butchering is a highly lucrative billion-dollar industry that has victimized millions of Americans. The scam involves fraudsters gaining the trust of victims, often through fictitious romantic relationships, and duping them into making investments into fake cryptocurrency projects. These schemes typically begin with a victim meeting someone on an online dating website. Alternatively, a victim may receive a random unsolicited message on social media, via text, or through a messaging application, with the conversation eventually appearing to turn romantic. The victim is then convinced to transfer money to an alleged cryptocurrency investment opportunity recommended by the scammer. The scammer highlights seemingly impressive monetary gains from initial investments and encourages the victim to invest increasingly larger amounts, ultimately resulting in financial ruin to the victim.
“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,” said R. Matthew Price, U.S. Attorney for the Western District of Missouri. “We are pleased to have worked alongside our law enforcement partners in the Western District of Missouri, as well as multiple jurisdictions to bring this case forward. Fraudsters should know that we will use every available resource to pursue those who target innocent victims.”
“The FBI, working closely with our law enforcement and private-sector partners, uncovered and disrupted this alleged scheme, preventing additional victims from being defrauded of their hard-earned money,” said Chris Ormerod, Special Agent in Charge for the Federal Bureau of Investigation, Kansas City Field Office. “This case demonstrates the FBI's unwavering commitment to protecting the American public and holding fraudsters accountable, regardless of where they operate or where their crimes are committed.”
As alleged in the unsealed affidavit filed in support of the criminal complaint, between June and August of 2024, Victim #1 transferred approximately $16,000,000 worth of cryptocurrency, believing they were making an investment in a cryptocurrency investment platform called “Triangle.” One such transfer, taking place on Aug. 7, 2024, directly traceable to Van’s cryptocurrency wallet, was for over $569,000 in cryptocurrency. On Aug. 9, 2024, Van’s cryptocurrency wallet received six transfers totaling approximately $569,569 in cryptocurrency, traceable to Victim #1. Immediately following the receipt of the funds, Van proceeded to transfer approximately $567,999 worth of cryptocurrency in four transactions to a private, un-hosted cryptocurrency wallet off the centralized blockchain network.
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.
In addition to Victim #1, numerous other United States-based victims reported combined losses in the millions to different pig butchering schemes, attributed to several suspicious wallets that then sent funds to Van’s cryptocurrency wallet. Each of the victims were instructed to transfer cryptocurrency to different websites, but each victim reported a similar story. 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. Ultimately, each victim was never able to withdraw funds they invested and eventually discovered they had been defrauded.
The charges contained in the complaint are simply accusations, and not evidence of guilt. Evidence supporting the charges must eventually be presented to a federal trial jury, whose duty is to determine guilt or innocence.
This case is being prosecuted by Assistant United States Attorneys Jeffrey Q. McCarther and James Kirkpatrick. It was investigated by the Federal Bureau of Investigation (FBI).
