LAX Arrest Halts Massive $125M Crypto Fraud

U.S. prosecutors have charged 37-year-old Vietnamese national Trung Nguyen Van with two counts of money laundering connected to a broad $125 million cryptocurrency wire fraud scheme.

The charges, announced on September 25, 2026, follow a brief pursuit that ended when authorities apprehended Van at Los Angeles International Airport (LAX). According to the Department of Justice, the defendant entered the United States via the San Ysidro pedestrian border crossing from Mexico on September 22, 2026. Two days later, on September 24, he was arrested at LAX while attempting to board a flight to Taiwan.

Van’s initial court appearance took place on the day of his arrest before the U.S. District Court for the Western District of Missouri. Federal prosecutors allege that he played a key role in laundering digital assets for a network operating online scams, utilizing a fabricated cryptocurrency investment platform called "Triangle."

Tracing the Digital Assets

Onchain investigations revealed extensive activity tied to the defendant. Authorities stated that between February 9, 2018, and December 17, 2024, Van's cryptocurrency wallets received approximately $53,275,939. From that total, roughly $53,188,466 was subsequently moved off the centralized blockchain network to other accounts.

Court documents link at least $24 million in those wallets directly to known "pig butchering" operations. In one notable case within the broader $125 million scheme, a single victim transferred $16 million in cryptocurrency between June and August 2024, falsely believing they were making a legitimate investment.

Blockchain records from August 7, 2024, show $569,000 arriving at a wallet controlled by Van. Two days later, the wallet received six additional transfers totaling $569,569. Almost immediately after taking possession of the assets, Van allegedly executed four transactions to move nearly $568,000 into an unhosted, private wallet.

Law Enforcement Warning

The Federal Bureau of Investigation noted that Americans lost $21 billion to cybercrime last year, emphasizing the severe financial impact of online fraud.

Describing the mechanics of the digital theft, the Department of Justice explained: "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."

R. Matthew Price, U.S. Attorney for the Western District of Missouri, highlighted the severity of the growing trend.

“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,” Price stated.

The federal case is moving forward with cooperation across multiple agencies. Price added, “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.”