According to CoinMeta, the Financial Crimes Enforcement Network (FCEN) of the U.S. Treasury Department released an analysis indicating that it examined 33,904 reports submitted under the Bank Secrecy Act between September 8, 2023, and December 31, 2025, and identified approximately $12.7 billion in financial activities related to suspected digital asset investment scams. Such scams, also known as "pig-killing schemes," emotional manipulation scams, or cryptocurrency trust scams, are primarily organized by transnational criminal groups based in Southeast Asia. These gangs typically induce victims to transfer funds through fake identities and by impersonating investment websites or applications, and they use professional money launderers, shell companies, money mules, and stablecoins to move the funds. The FCEN also issued a risk warning, urging financial institutions to strengthen monitoring and report suspicious activities.