Treasury Flags Nearly $13 Billion Tied to Overseas Crypto Scams

FinCEN Analysis Tracks $12.7 Billion in Suspected Activity

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) identified approximately $12.7 billion in financial activity tied to suspected digital asset investment scams, according to a Sept. 3 announcement. FinCEN analyzed 33,904 Bank Secrecy Act reports filed from Sept. 8, 2023, through Dec. 31, 2025, involving people across all 50 states and several U.S. territories.

“Criminals use fake personas and social engineering tactics to manipulate victims, who are often American, into transferring funds to fraudulent digital asset investments,” FinCEN stated, adding:

“These scams are largely perpetrated by transnational criminal organizations based in Southeast Asia, which operate industrial-scale scam compounds and leverage vast networks of criminal actors to facilitate and profit from scams.”

The $12.7 billion figure represents suspected financial activity reported by institutions, rather than verified losses suffered by victims. Reports can include attempted or unpaid transactions, amended filings, transfers between accounts, and both lawful and illicit activity associated with a reported subject. Separately, the FBI recorded $11.37 billion in victim-reported cryptocurrency losses during 2025, including approximately $7.2 billion attributed to cryptocurrency investment fraud.