The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has released a sweeping new report on crypto investment fraud, and the numbers are sobering. Between September 2023 and December 2025, roughly 1,300 financial institutions filed more than 33,000 reports documenting approximately $12.7 billion stolen from Americans through so-called “pig butchering” and related cryptocurrency investment scams. FinCEN is now urging banks and crypto firms to file more such reports to help investigators track the criminal networks behind these schemes.
These scams work by cultivating trust over weeks or months — attackers pose as a romantic interest, a trusted financial adviser, or even a long-lost friend — before convincing victims to pour money into fake cryptocurrency platforms. The pace is accelerating: FinCEN received nearly 11% more reports each month compared to the month before. Operations have expanded beyond their original hubs in Myanmar, Cambodia, and Laos. Crucially, no demographic is immune — adults over 60 represent only about a quarter of victims, meaning younger people are being targeted at comparable rates. Some victims borrowed against their homes or cashed out their entire retirement savings to send money to fraudsters before realizing the deception.