The U.S. Treasury's Financial Crimes Enforcement Network identified $12.7 billion in digital asset transactions linked to transnational criminal organizations operating from Southeast Asia, according to a report released Thursday.
The analysis of more than 33,000 suspicious activity reports filed between September 2023 and December 2025 reveals the scale of fraud targeting U.S. residents. Scam centers based primarily in Myanmar and Cambodia employ "pig butchering" schemes, romance scams and cryptocurrency confidence games designed to manipulate victims into transferring crypto assets with false promises of substantial returns.
Gene Lange, performing the duties of Under Secretary for Terrorism and Financial Intelligence, said: "Digital asset investment scams pose one of the most significant fraud threats facing Americans today."
Both Myanmar and Cambodia have moved to criminalize the operations. Myanmar approved legislation in July that imposes potential life imprisonment for operators who use violence, torture or unlawful detention to coerce participation. Cambodia proposed similar legislation in April with comparable prison provisions. The coordinated regional push targets the criminal networks operating the schemes.
