FinCEN | Crypto

The agency reported that “transnational criminal organizations” based in compounds in Southeast Asia were largely behind digital asset scams targeting US residents. An analysis from the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) identified $12.7 billion in crypto transactions “perpetrated by overseas scam centers.” According to a FinCEN report released on Thursday, an analysis of more than 33,000 reports filed between September 2023 and December 2025 of suspected crypto scams revealed about $13 billion in financial transactions. The digital asset-based scams included instances of pig butchering, romance scams and “cryptocurrency confidence schemes,” in which a victim is manipulated into investing in crypto with false promises of large returns. “Digital asset investment scams pose one of the most significant fraud threats facing Americans today,” said Gene Lange, performing the duties of Under Secretary for Terrorism and Financial Intelligence.  Read more

Huione-linked wallets moved nearly $1 billion in USDT to CEXs since FinCEN imposed restrictions on US financial institutions interacting with the group. Major centralized exchanges (CEXs) have been exposed to nearly $1 billion in USDt transfers linked to wallets associated with Huione since its illicit marketplace was supposedly shut down, according to new data from Global Ledger. On May 1, the US Financial Crimes Enforcement Network (FinCEN) designated Huione as a primary money laundering concern under the PATRIOT Act. Since then, forensics experts have been divided on the extent of the platform’s shutdown. Global Ledger said it observed $10.13 billion in Tether USDt (USDT) transactions on Tron and $219 million on Ethereum in Huione-linked wallets between May 1 and June 17, in a research report shared exclusively with Cointelegraph. $942.9 million ultimately flowed into CEXs. Read more