US FinCEN Links $12.7 Billion in Suspicious Activity to Southeast Asian Crypto Scams

The US Financial Crimes Enforcement Network (FinCEN) has linked approximately $12.7 billion in suspicious financial activity to crypto investment scams operated from Southeast Asian hubs. Between September 2023 and December 2025, 1,300 institutions filed 33,904 reports. Money services businesses, primarily crypto firms, accounted for 55% of the reports, while banks accounted for 41%. Scammers predominantly used Ethereum, USDT, and USDC, with funds typically converted into USDT before being moved through DeFi protocols or offshore exchanges. Authorities have