Treasury links nearly $13B to overseas crypto scams
The U.S. Treasury identified nearly $13 billion tied to cryptocurrency scams originating overseas after reviewing virtual-asset transactions and financial intelligence.
The U.S. Department of the Treasury identified nearly $13 billion in funds linked to cryptocurrency scams that began outside the United States, the agency reported after reviewing transaction data and financial intelligence.
The review traced transfers involving virtual asset service providers, crypto exchanges and other intermediaries. It followed funds reportedly generated by foreign-based scams that moved across borders into digital asset platforms where they were converted, mixed or cashed out.
The identified flows span multiple years and involve numerous accounts and wallets controlled by actors outside U.S. jurisdiction. The analysis combined blockchain analytics, reports from regulated financial institutions and information shared by domestic and international law enforcement to connect on-chain movements with alleged scam operations.
The review identified methods used to hide proceeds once they left victims. Transactions often passed through centralized exchanges, peer-to-peer trading services and mixing services that obscure transaction trails. Some proceeds were converted to fiat; others were exchanged into different tokens and routed to many accounts.
Participating Treasury offices included the Financial Crimes Enforcement Network and units that handle sanctions and law enforcement referrals. The agency carried out targeted outreach to domestic and foreign virtual asset service providers and shared information with enforcement bodies to support investigations and potential enforcement actions.
The nearly $13 billion figure reflects funds the agency linked to overseas scams, not amounts recovered or returned to victims. Treasury guidance encourages victims to report fraud to law enforcement and to submit suspicious activity reports through regulated financial channels.
The agency pointed to variations in legal and regulatory frameworks for virtual asset providers across countries as a factor that can limit efforts to address cross-border illicit flows.
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