FinCEN uncovers $12.7B in crypto scams tied to Asia

FinCEN identified $12.7B in suspicious crypto activity linked to Southeast Asian scams, based on 33,904 reports from 2023–2025. The scams are rapidly increasing and use fake personas to defraud victims.

The Financial Crimes Enforcement Network (FinCEN) has uncovered approximately $12.7 billion in suspicious financial activity tied to crypto investment scams, largely operated from compounds in Southeast Asia. This figure is based on 33,904 suspicious activity reports submitted by around 1,300 financial institutions between September 2023 and December 2025. Crypto money services businesses filed 55% of these reports, flagging $5.5 billion, while banks reported the largest sums at $6.4 billion. The scams, known as "pig butchering," use fake personas and social engineering tactics to trick victims into transferring funds to fraudulent crypto investments. Monthly reported sums increased by an average of 18%, and filings rose by 10.9% per month, highlighting the rapid growth of these scams. Various digital assets are used, with funds often routed through stablecoins and offshore exchanges. About 25% of reports involved elder exploitation, mirroring the population share aged 60 and over, indicating older Americans are not disproportionately targeted. FinCEN urges financial institutions to stay vigilant and report suspicious transactions.