U.S. Treasury links $12.7B in crypto fraud to Southeast Asian crime networks

The U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, said it identified links between cryptocurrency fraud cases totaling $12.7 billion and overseas organizations. According to Cointelegraph, the finding came from an analysis of more than 33,000 suspicious activity reports on suspected crypto fraud filed between September 2023 and December 2025, which showed $12.7 billion in financial transactions tied to fraud. FinCEN said a substantial share of the activity appears to be tied to transnational criminal groups operating from crime compounds in Southeast Asia.