$53 Million in Crypto Transfers Linked to Triangle Scam Case, Prosecutors Say
Federal prosecutors have charged Trung Nguyen Van with two counts of money laundering and allege that cryptocurrency wallets linked to the 37-year-old Vietnamese national received and moved tens of millions of dollars associated with fraud schemes targeting U.S. victims.
The case includes a $16 million investment scam involving a platform called 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 believing they were investing through the platform.
The complaint was unsealed following Van’s appearance in federal court in Los Angeles. Investigators allege that wallets associated with him were also connected to cryptocurrency transfers involving other alleged fraud victims.
Prosecutors Trace $16 Million Triangle Investment Scam
Investigators identified several transactions involving cryptocurrency allegedly connected 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.
Van then allegedly moved approximately $567,999 through four transactions to a private wallet.
The transactions identified in the complaint represent only part of the victim’s alleged $16 million loss. They do not account for the entire amount the victim reportedly transferred.
Investigation Links Wallets to $53.3 Million in Alleged Fraud
The allegations extend beyond the Triangle case.
According to the U.S. Attorney’s Office, 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.
Those wallets subsequently transferred approximately $53.2 million in cryptocurrency to other accounts, prosecutors allege.
Investigators also examined cases involving other U.S. victims who reported combined losses of millions of dollars through investment schemes operated through different websites. Some of the cryptocurrency wallets associated with those alleged losses were linked to transfers into wallets connected to Van.
Although the websites involved differed, prosecutors allege that victims were contacted online and encouraged to make cryptocurrency investments based on promises of high returns. The victims later discovered that they were unable to withdraw their funds.
Prosecutors Describe Pattern as Pig-Butchering Fraud
Authorities characterize the alleged schemes as a form of "pig butchering" fraud, in which criminals establish relationships with potential victims before gradually persuading them to commit larger amounts of money.
Initial contact can occur through dating platforms, social media, text messages or messaging applications. After establishing trust, the perpetrators allegedly direct victims toward cryptocurrency investment opportunities 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.
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.
Writer: Marcus RenfieldCrypto Market Analyst & Onchain WriterMarcus Renfield covers cryptocurrency markets with a focus on onchain data, Bitcoin price action, and emerging market narratives. His writing examines how capital flows, network activity, and broader market structure influence short- and medium-term trends.He aims to provide clear, data-informed analysis for readers seeking a deeper understanding of crypto market dynamics.