USDT Dominates Scam Proceeds Tied to Overseas Crypto Schemes
The Treasury Department's Financial Crimes Enforcement Network (FinCEN) has identified approximately $12.7 billion in financial activity tied to suspected digital asset investment scams centered overseas. FinCEN analyzed 33,904 Bank Secrecy Act reports filed from September 8, 2023, through December 31, 2025, involving people across all 50 states and several U.S. territories.
Criminal networks used various tactics to attract victims, including fake personas and social engineering techniques. These networks operate industrial-scale scam centers in Southeast Asia, leveraging vast networks of criminal actors to facilitate and profit from scams.
FinCEN found that nearly all scam proceeds ended up in stablecoins, almost exclusively USDT. The report also highlights the importance of Bank Secrecy Act reporting in law enforcement investigations and efforts to recover victims' funds.