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ETH Financial Crimes Enforcement Network (FinCEN) reveals $12.7 billion in cryptocurrency fraud
The Financial Crimes Enforcement Network (FinCEN) of the United States linked $12.7 billion in suspected cryptocurrency fraud to 33,904 reports filed by financial institutions in states and territories across the United States. The reports involved "pig killing plate" relationship scams using false identities and forged investment platforms, in which criminals pressured victims to transfer savings, loans and retirement funds. Stable coins, especially USDT, are used to launder money, and FinCEN calls for enhanced surveillance, information sharing and immediate reporting of victims.
Data Overview and Trend Analysis
FinCEN's analysis covers Bank Secrecy Act (BSA) reports filed between September 8, 2023 and December 31, 2025. Suspicious activity identified by financial institutions affects people in 50 states and all territories across the United States. Among them, money services companies submitted 18,568 reports involving US$5.5 billion, accounting for 54.8% of the total filings; deposit-based institutions submitted 13,810 reports covering US$6.4 billion; securities and futures companies reported US$784.5 million; and 22 reports from other institutions involved US$8.4 million in suspicious activity.
The number of monthly filings shows a significant growth trend: from 590 reports (involving US$485.7 million) in October 2023 to 2,482 reports in December 2025. The December 2025 filing alone involved $833.5 million, which clearly demonstrated that the scale of reported cryptocurrency investment scams was expanding rapidly during the review period.
Fraud methods and capital flow
Scammers often contact targets via social media, dating platforms, unsolicited text messages or messages disguised as accidental conversations. They use false identities and pose as romantic partners, friends or business contacts to build trust. Operators then introduced fraudulent digital asset investments through convincing websites and mobile apps, promising high returns. Some platforms display fake profits and allow small withdrawals to encourage victims to transfer larger amounts of money.
When the victim asked for a request, the operator blocked it on the grounds that additional taxes or fees would have to be paid, and then cut off contact and blocked access. FinCEN found that some victims were forced to liquidate savings, withdraw retirement funds, or borrow through home equity and secondary mortgages.
In addition, scammers guide people to centralized exchanges and cryptocurrency self-service terminals, and then transfer purchased assets into controlled wallets. FinCEN has identified at least 22 digital assets, with Ethereum, USDT and USDC appearing most frequently. Regardless of which cryptocurrency the victim originally purchased, scammers often convert the proceeds into stablecoins, mainly USDT. Criminal networks then route funds through decentralized platforms, foreign exchanges, peer-to-peer dealers, and over-the-counter brokers.
Black industry ecology and recommendations
Guaranteed markets connect these fraud centers with phishing tools, fraudulent accounts, technical support and professional money laundering services. FinCEN found unusual stablecoin movements, shared wallet addresses, unverified recovery services, and exchanges that could operate without authentication.
FinCEN urges financial institutions to strengthen surveillance and promote information sharing, and recommends that affected persons immediately report incidents to relevant financial institutions and report cases to the FBI's Internet Crime Complaint Center (IC3) or the Secret Service.
