Vietnamese National Charged in $16M Pig-Butchering Crypto Scam
A Vietnamese national was charged in federal court in an alleged pig-butchering crypto scheme that prosecutors say stole more than $16 million from multiple victims.
Federal prosecutors charged a Vietnamese national in a criminal indictment accusing the defendant of running a pig-butchering cryptocurrency scheme that allegedly took more than $16 million from victims, according to court filings. The indictment was filed in federal court and seeks forfeiture of the proceeds.
The complaint alleges the defendant cultivated relationships with targets on dating apps, social media and messaging platforms, then persuaded them to send money into cryptocurrency accounts by promising high returns. Victims were told to move funds into digital wallets and later learned they had lost access to both the cryptocurrency and any prospect of recovery.
Prosecutors say the defendant moved the proceeds through multiple wallet addresses, offshore exchanges and mixing services to conceal ownership and origin. Blockchain analysis and records from cryptocurrency service providers helped investigators trace substantial sums to accounts the filings identify as controlled by the defendant.
Investigators obtained transaction records, account registrations and communications from social platforms and email providers as part of the probe. Law enforcement worked with international partners and private-sector crypto firms during the investigation, according to the filings.
Court documents allege the scheme targeted adults in the United States and abroad. The filings say some victims lost life savings or money set aside for medical care, retirement or education.
The indictment includes counts of wire fraud, money laundering and operating a scheme to defraud. The defendant has pleaded not guilty. Defense counsel did not immediately respond to requests for comment.
A U.S. Attorney’s Office spokesperson emphasized the office prioritizes cases involving online romance and investment scams and noted ongoing coordination with international partners and cryptocurrency firms to trace stolen assets and pursue co-conspirators.
Prosecutors described the case as part of a pattern of transnational investment fraud that has relied on cryptocurrencies to move funds rapidly and complicate recovery efforts. Investigators said they will continue efforts to identify additional accounts and assets linked to the alleged scheme.
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