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BTC 
ETH U.S. Treasury Department: Southeast Asia Fraud Center is involved in US$12.7 billion in cryptocurrency transactions
An analysis by the U.S. Treasury Department's Financial Crimes Enforcement Service (FinCEN) pointed out that approximately US$12.7 billion in cryptocurrency transactions are related to the activities of the "Overseas Fraud Center."
According to a FinCEN report released on Thursday, an analysis of more than 33,000 suspected cryptocurrency fraud reports filed between September 2023 and December 2025 showed that the financial transactions involved amounted to approximately US$13 billion. Such scams based on digital assets include "pig killing plates", dating scams and the so-called "cryptocurrency confidence program." In these scams, victims are manipulated by false promises of high returns to invest in cryptocurrencies.
Gene Lange, deputy secretary of state for terrorism and financial intelligence, said: "Digital asset investment fraud poses one of the most serious fraud threats facing Americans today."
FinCEN reported that these scams were mainly carried out by "transnational criminal organizations" located in the Southeast Asia campus.
Lawmakers in some affected countries are trying to crack down on these "fraud centers." In July, Myanmar's parliament approved legislation that would impose up to life imprisonment on operators who use violence, torture, or illegal arrest and detention to force others to engage in fraud. Meanwhile, Cambodia lawmakers proposed a similar legal proposal in April this year, which also included possible fixed-term prison sentences.
