$12.7 Billion Tied to Cryptocurrency Scams Linked to Overseas Crime Rings
The Financial Crimes Enforcement Network (FinCEN) has discovered that $12.7 billion in financial activity reported by U.S. institutions is linked to suspected investment scams involving digital assets. These scams are typically operated by transnational organized crime groups based in Southeast Asia, according to FinCEN's recent report.
The figure of $12.7 billion relates to 33,904 reports submitted under the Bank Secrecy Act between September 8, 2023 and December 31, 2025. The majority of these reports were made by money services businesses that are largely dependent on the digital assets industry.
FinCEN has pointed out that the total doesn't represent confirmed losses by victims, but rather includes cases involving attempts to conduct transactions, multiple reporting, transfers in both directions, and amendments made to some reports submitted earlier. The number of victims is known across all 50 states plus some US territories.
The alert from FinCEN provides an insight into a completely outsourced criminal system, where criminals operate through 'guarantee marketplaces' to avail services ranging from account creation and phishing to money laundering. Professional laundering service providers set up shell companies and mule accounts that allow for funds to be moved illegally through the financial system.