FinCEN tied about $12.7 billion in suspicious activity to crypto investment scams run from Southeast Asian compounds, based on 33,904 filings from September 2023 to December 2025. Crypto-focused money services businesses filed 55% of reports and banks 41%. Reported activity rose quickly over time, though FinCEN said some of the increase may reflect broader reporting and possible double-counting. Scams used at least 22 digital assets, often Ethereum, USDT and USDC, but proceeds were usually converted to USDT and moved through DeFi or offshore exchanges. Addresses were reused across victims, helping identify the pattern. Victims were in all 50 states; about 25% of reports involved older adults. Losses were often funded by retirement savings, home equity loans and personal loans. FinCEN warned that victims can face self-harm risk after discovery. U.S. authorities and the FBI have also linked these schemes to large fraud losses and seizures.