FinCEN has linked approximately $12.7 billion in suspicious financial activity to crypto investment scam networks in Southeast Asia. This figure was compiled from 33,904 reports submitted by around 1,300 financial institutions between September 2023 and December 2025. Victims transferred various types of assets, but the funds were almost always converted into stablecoins, primarily USDT, and then routed through DeFi platforms or exchanges outside the U.S. FinCEN notes that the $12.7 billion does not mean all of it was lost, as the data may include duplicate transactions and incomplete transfers.