$12.7 Billion in Crypto Scam Activity Linked to Southeast Asia

A massive crypto scam operation based in Southeast Asia has been uncovered by FinCEN, with over $12.7 billion in suspicious financial activity linked to it.

The Treasury Department's Financial Crimes Enforcement Network (FinCEN) published a report on Thursday, detailing how scammers have been using at least 22 digital assets, mainly Ethereum, USDT, and USDC, to receive victim funds.

The operation involves converting the money into stablecoins, such as USDT, before moving it through DeFi protocols or offshore exchanges based outside the United States.

The scammers used a consistent pattern of using well-known digital assets, prioritizing liquidity and ease of laundering over anonymity.