A new large-scale case reveals how organized pig butchering are exploiting cryptocurrencies to extort huge sums of money from unsuspecting victims. US authorities have charged a Vietnamese national with money laundering ,linking him to a ring that allegedly extorted approximately $16 million in cryptocurrencies from a single victim.
This is 37-year-old Trung Nguyen Van, who crossed into the US through the San Ysidro border crossing in California, on the border with Mexico, on September 22. Two days later he was arrested in Los Angeles, shortly before boarding a plane bound for Taiwan.
The fake investment platform "Triangle"
According to court documents, one of the victims began transferring cryptocurrencies to Van between June and August 2024. The total amount reached approximately $16 million, as the victim believed he was participating in a legitimate investment activity through a platform posing as “Triangle.”
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The transfers went directly to a digital wallet linked to the defendant. Once the funds were collected, they were moved to a private, unhosted wallet, making it difficult to directly link the transactions to a centralized cryptocurrency exchange.
This particular practice is a typical example of the way in which criminal networks attempt to create multiple levels of distance between the initial theft and the final recipient of the money.
Over $53 million passed through wallets
The case appears to be much larger than a single incident. The US Department of Justice says that the cryptocurrencies linked to Van's wallets amount to approximately $53.3 million for the period from February 2018 to December 2024.
Of this, at least $24 million is allegedly linked to known pig butchering rings. In total, the wallets in question received approximately $53.28 million and then transferred approximately $53.19 million to other accounts.
Authorities are linking the case to a broader online fraudthat allegedly handled cryptocurrencies worth more than $125 million.
How does pig butchering work?
These scams rely more on psychological manipulation than technical hacking. Perpetrators approach victims through social media, dating apps, or messaging services and initially seek to build a relationship of trust.
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In many cases, the contact may be presented as friendly or romantic. In others, the scammer poses as an experienced investor who is willing to share an “opportunity.” Once the necessary trust is established, the victim is led to a supposed investment platform.
Initially, fictitious profits may appear on the screen to convince the victim that the investment is paying off. However, when they attempt to withdraw their money, they usually find that access to the funds is impossible or that new payments for “taxes” and “fees” are required.
Investment scams cause huge losses
The Van case is part of a broader trend that has caused significant economic losses in the U.S. According to the FBI's 2025 Cybercrime Report, Americans lost nearly $21 billion to cybercrime last year.
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Investment fraud was one of the most significant categories, accounting for approximately 49% of fraud incidents and causing losses of $8.6 billion.
What makes these scams particularly difficult to combat is the combination of social engineering and technology. Victims are not necessarily forced to give up their passwords . Instead, they are persuaded to transfer their assets.
US authorities intensify operations
The case comes as US authorities are increasing pressure on international networks linked to cryptocurrency fraud. In February, a Chinese national was sentenced in absentia to 20 years in prison for participating in an international pig butchering ring that allegedly embezzled more than $73 million.
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At the same time, federal authorities have created the Scam Center Strike Force, a special operational effort focused on dismantling international fraud networks.
The new case demonstrates that pig butchering scams are not just small-scale online frauds. They are organized businesses with international connections, complex cryptocurrency flows, and social engineering techniques that can lead to losses in the millions. For users, the basic warning remains the same: a “sure” investment opportunity presented by someone you only know online is a serious sign of risk, especially when it requires transferring cryptocurrencies to personal wallets.
source: www.bleepingcomputer.com
