The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) released a report showing that roughly $12.7 billion in cryptocurrency transactions were tied to "overseas scam centers" between September 2023 and December 2025. The analysis covered over 33,000 reports of suspected crypto fraud and highlighted schemes such as pig‑butchering, romance scams and so‑called cryptocurrency confidence schemes, where victims are coaxed into investing with promises of high returns.
Gene Lange, acting Under Secretary for Terrorism and Financial Intelligence, said digital‑asset investment scams represent one of the most significant fraud threats facing Americans today. FinCEN traced the majority of the illicit activity to transnational criminal organizations operating out of compounds in Southeast Asia.
Legislators in the region have begun responding. Myanmar’s Parliament approved a law in July that could impose life imprisonment on operators who use violence, torture or unlawful detention to force participation in scams. In April, Cambodian lawmakers introduced a similar bill that also provides for prison terms for those involved in such schemes.
The findings underscore the cross‑border nature of crypto‑related fraud and the growing regulatory focus on overseas networks that exploit digital assets for illicit gain.
