The US Treasury's Financial Crimes Enforcement Network has issued an alert to financial institutions alongside a study of more than 33,000 cyber-fraud incident reports filed between September 2023 and December 2025, finding that about $12.7 billion was stolen from Americans in cryptocurrency investment scams across all 50 states and US territories. FinCEN is asking banks to be more vigilant in identifying and reporting schemes run by overseas scam centres, and reports that suspected scam activity is rising at close to 11% month-on-month as the operations expand beyond Myanmar, Cambodia and Laos. The study is drawn from reports submitted by roughly 1,300 financial institutions and is a follow-up to Treasury's 2023 alert on so-called pig-butchering fraud; investigators found the reports valuable precisely because individual institutions typically see only one phase of a scam's lifecycle, so cross-institution reporting is what reconstructs the full chain. The finding intersects directly with the Xinbi Guarantee marketplace disruption covered in the 10 September digest, where more than $36 billion was estimated to have been laundered through a single guarantee platform serving this economy.

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