$12.7 Billion Linked to Southeast Asian Cryptocurrency Scams

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) has identified $12.7 billion in suspicious activity linked to cryptocurrency investment scams operated from compounds in Southeast Asia.

Between September 2023 and December 2025, around 1,300 institutions filed 33,904 reports with FinCEN, which showed a monthly growth rate of 10.9% in the number of reports and an average increase of 18% in the declared sums.

The scammers used at least 22 different digital assets, with Ethereum, USDT, and USDC being the most common. Funds were converted almost invariably to stablecoins, primarily to USDT, before moving through DeFi protocols or exchanges outside the U.S.

The scams targeted victims across all 50 U.S. states, who financed their losses through retirement accounts, home equity lines of credit, second mortgages, and personal loans. FinCEN's analysis revealed that older adults were not disproportionately victimized, making up around 25% of the reports, which aligns with their share in the U.S. population.