FinCEN Ties $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 detailing the scope of digital-asset investment scams originating from compounds in Cambodia, Laos, and Burma.
According to FinCEN, financial institutions reported activity tied to over $12.7 billion in cryptocurrency scams, with 1,300 institutions filing reports between September 2023 and December 2025.
The majority of the flagged sums came from money services businesses (55%), which reported $5.5 billion, while banks accounted for 41% and flagged $6.4 billion.
Blockchain analysis revealed that scammers used at least 22 digital assets, with Ethereum, USDT, and USDC being the most commonly used. The proceeds were often swapped into stablecoins, primarily USDT, before being moved onward.