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BTC 
ETH The U.S. Treasury Department finds $12.7 billion in cryptocurrency transactions linked to overseas fraud rings
The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) announced that it has identified $12.7 billion in cryptocurrency transactions involving overseas fraud. The agency's latest report released Thursday reveals the growing scale of digital asset fraud against Americans.
FinCEN Cryptocurrency Fraud Analysis Details
This report analyzes more than 33,000 suspicious activity reports submitted between September 2023 and December 2025, all of which involved suspected cryptocurrency fraud. FinCEN's review highlighted that approximately $13 billion in financial transactions were linked to these scams.
These fraudulent activities include so-called "pig killing trays" and marriage scams, as well as various cryptocurrency confidence scams. In these cases, victims are tricked into transferring funds to digital assets in the name of investment opportunities, often attracted by false promises of huge returns.
Gene Lange, acting deputy secretary of terrorism and financial intelligence, said: "Digital asset investment fraud is one of the most serious fraud threats facing Americans today."
The transnational criminal groups behind most scams
According to FinCEN, the vast majority of such scams are operated by transnational criminal organizations. These groups are typically stationed in parks across Southeast Asia and coordinate large-scale fraud operations against U.S. individuals.
As a unit of the U.S. Treasury Department, FinCEN's responsibilities include protecting the financial system from illegal use and ensuring transparency in financial activities, especially when it comes to digital assets.
Mini Dictionary: What is a "pig killing plate" scam?
Pig killing tray fraud: A type of fraud in which scammers build trust with victims over time, persuade them to invest in false cryptocurrency opportunities, and abscond with the money once a large amount of money is involved.
Legislative response in Southeast Asia
Governments in Southeast Asia, particularly Myanmar and Cambodia, have begun taking legislative action to crack down on fraud centers. In July, Myanmar's Parliament passed a law that provides for life imprisonment for those who use violence, torture or illegal detention to force others to engage in fraudulent activities.
Similarly, Cambodia lawmakers introduced new draft legislation in April this year that would introduce prison terms for individuals who engage in such scams. The moves signal the region's commitment to disrupting criminal networks and reducing cryptocurrency-based fraud.
Authorities continue to work to strengthen international cooperation and improve supervision to address the threat posed by digital asset fraud. Due to the cross-border nature of many of these crimes, the challenges remain huge.
