FinCEN analyzed 33 904 suspicious activity reports filed by 1 300 institutions between September 2023 and December 2025. The agency linked $12,7 billion in suspicious financial activity to crypto investment scams originating from Southeast Asian compounds in Cambodia, Laos, and Burma.
Crypto-focused money services businesses submitted 55% of the reports, flagging $5,5 billion. Banks accounted for 41% of filings with $6,4 billion, while securities firms reported $784,5 million. Monthly filings grew by an average of 10,9%, with reported sums increasing by 18%.
Scammers primarily utilized Ethereum, USDT, and USDC. Blockchain analysis indicates that stolen funds were typically converted into stablecoins, specifically USDT, before being moved through DeFi protocols or foreign exchanges. Perpetrators frequently reused collection addresses to manage multiple victims.
Data shows that individuals aged 60 and over were not disproportionately targeted, accounting for 25% of reports. Victims across all 50 states funded these scams through retirement accounts, personal loans, and home equity. One individual lost over $1 million within six months.
The United Nations estimates that hundreds of thousands of people are working in these compounds, often recruited via fraudulent job advertisements. While Interpol warns of the model's expansion, U.S. authorities have seized over $25 million in related assets this year.
Since 2015, the FinCEN Rapid Response Program has interdicted $1,8 billion and recovered slightly more than $1 billion for 5 790 American victims. The agency also highlighted the psychological impact of these frauds on victims.