FinCEN identifies $12.7 billion in crypto scams linked to Southeast Asia operations
US officials analyzed over 33,000 reports to quantify transnational fraud targeting American investors.
The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) reported identifying $12.7 billion in cryptocurrency transactions tied to overseas scam centers. An analysis covering more than 33,000 filed reports between September 2023 and December 2025 revealed these digital asset frauds included pig butchering schemes, romance scams, and confidence traps promising false returns. Gene Lange, the Under Secretary for Terrorism and Financial Intelligence, stated that digital asset investment scams represent a major threat to Americans. The investigations primarily targeted criminal organizations operating from compounds in Southeast Asia. In Myanmar, lawmakers approved legislation in July authorizing up to life imprisonment for operators using violence or unlawful detention to recruit victims. Lawmakers in Cambodia also proposed similar penalties in April.
