The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has released a report linking $12.7 billion in suspicious financial activities to cryptocurrency investment scams in Southeast Asia. About 1300 institutions submitted 33904 suspicious activity reports, with currency service companies involved in $5.5 billion, banks involved in $6.4 billion, and securities institutions involved in $784.5 million. Scammers mainly use Ethereum, USDT, and USDC, with funds often exchanged for USDT and transferred through DeFi protocols or exchanges outside the United States. The report shows that about 25% of cases involve elderly people, and the FBI estimates that in 2024, the US population aged 60 and above will lose $4.8 billion due to fraud. The relevant fraud zones are located in Cambodia, Laos, and Myanmar, and US authorities have seized $25 million in related funds this year.
