FinCEN Links $12.7 Billion to Crypto Scams from Southeast Asian Compounds

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has published an alert and analysis on digital-asset investment scams run from compounds in Cambodia, Laos, and Burma. The report is based on 33,904 reports filed by 1,300 institutions between September 2023 and December 2025.

The reported sums total over $12.7 billion, with 55% of the filings coming from money services businesses (mostly crypto firms) flagging $5.5 billion, while banks flagged $6.4 billion. The monthly reported sums rose by an average of 18%, increasing from $485.7 million in October 2023 to $833.5 million in December 2025.

Scammers used at least 22 digital assets, with Ethereum, USDT, and USDC being the most frequently used. The analysis showed that proceeds were almost always swapped into stablecoins, primarily USDT, before being moved onward. Elder exploitation appeared in roughly a quarter of the reports, highlighting the risk of self-harm among victims.