FinCEN identified approximately $12.7 billion in suspicious financial activity linked to digital-asset investment scams, based on 33,904 Bank Secrecy Act reports filed by about 1,300 financial institutions between September 2023 and December 2025. The Treasury agency issued an analysis and alert on Sept. 3, 2026, warning that the total does not measure confirmed victim losses because filings can cover attempted transfers, duplicate reports and amended submissions. Crypto-focused money services businesses filed 55% of reports and flagged $5.5 billion, while banks submitted 41% and reported $6.4 billion. FinCEN said transnational criminal organizations operating from Southeast Asian compounds were largely responsible, using outsourced services including guarantee marketplaces, shell companies, mule accounts and stablecoin transfers through overseas exchanges. The alert encouraged banks and cryptocurrency companies to share information voluntarily under Section 314(b) of the USA PATRIOT Act and to report suspected fraud quickly. Separate FATF and UNODC assessments have described the growing use of stablecoins, unhosted wallets and digital hawala arrangements in illicit finance, while estimating regional scam losses at $88.3 billion to $114.1 billion in 2025.