In Brief: FinCEN linked $12.7 billion in suspected crypto scams to 33,904 reports submitted by financial institutions across all states and territories. Relationship scams use false identitie
FinCEN has linked $12.7 billion in suspected crypto scam activity to reports filed across the United States. Its analysis covered 33,904 Bank Secrecy Act reports submitted between September 8, 2023, and December 31, 2025.
Financial institutions identified suspected activity affecting people across all 50 states and territories. Money services businesses submitted 18,568 reports involving $5.5 billion, representing 54.8% of total filings.
Depository institutions filed 13,810 reports covering $6.4 billion, while securities and futures firms reported $784.5 million. Another 22 reports from other institutions involved $8.4 million in suspected activity.
Monthly filings increased from 590 reports covering $485.7 million in October 2023 to 2,482 reports by December 2025. Those December filings represented $833.5 million, illustrating the expansion of reported cryptocurrency investment scams during the reviewed period.
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Scammers commonly contact targets through social media, dating platforms, unsolicited texts, or messages framed as accidental conversations. They use false identities and pose as romantic partners, friends, or business contacts while building trust.
Operators later introduce fraudulent digital asset investments promising large returns through convincing websites and mobile applications. Some platforms display fabricated profits and permit small withdrawals, encouraging victims to transfer larger amounts.
When victims request withdrawals, operators demand additional taxes or fees before ending communication and blocking further access. FinCEN found that some victims liquidated savings, withdrew retirement funds, or borrowed through home equity and second mortgages.
Additionally, scammers directed people toward centralized exchanges and cryptocurrency kiosks before transferring purchased assets into controlled wallets. FinCEN identified at least 22 digital assets, with Ethereum, USDT, and USDC appearing most frequently.
Scammers often converted proceeds into stablecoins, primarily USDT, regardless of the cryptocurrency that victims originally purchased. Criminal networks then routed funds through decentralized platforms, foreign exchanges, peer-to-peer dealers, and over-the-counter brokers.
Guarantee marketplaces connected scam centers with phishing tools, fraudulent accounts, technical support, and professional laundering services. FinCEN identified unusual stablecoin flows, shared wallet addresses, unverified recovery services, and exchanges operating without identity checks. Victims should contact their financial institutions and report incidents to the FBI’s IC3 or the Secret Service.
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