FinCEN Uncovers $12.7B in Pig Butchering Crypto Scams

The Financial Crimes Enforcement Network (FinCEN) has released a report detailing the staggering extent of 'pig butchering' scams, which involve scammers posing as romantic interests or friends to lure victims into investing in fake cryptocurrency platforms.

The report found that between September 2023 and December 2025, there were approximately $12.7 billion in suspected fraudulent transactions tied to digital asset investment schemes, with a monthly growth rate of 18%.

Pig butchering scams typically involve scammers building trust with victims over weeks or months before steering them towards fake crypto platforms, where funds are layered through a web of wallets and exchanges.

The report identified transnational criminal organizations based primarily in Cambodia, Myanmar, and Laos as the main operators, with many groups running physical compounds where workers carry out scams at scale.