$12.7 Billion Linked to Southeast Asian Crypto Scams

The Financial Crimes Enforcement Network (FinCEN) has identified $12.7 billion in financial activity linked to suspected investment scams involving digital assets.

According to FinCEN, these scams are typically operated by transnational organized crime groups based in Southeast Asia.

FinCEN's alert provides insight into a complex outsourced criminal system, where criminals use 'guarantee marketplaces' for services ranging from account creation and phishing to money laundering.

The majority of reports were made by money services businesses dependent on the digital assets industry, with depository institutions accounting for 96% of all reports.