The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) just dropped a deep-dive into pig butchering crypto investment scams, covering the period from September 8, 2023 through December 31, 2025. The report analyzes 33,904 suspicious activity reports (SARs) tied to these schemes, tracking a jaw-dropping $12.7 billion in transactions linked to pig butchering fraud.

What’s in the FinCEN Report?

FinCEN’s analysis pulls together SAR data from the specified timeframe, zeroing in on transactions flagged by financial institutions as pig butchering scams. The report lays out both the volume of reports and the total dollar value involved—roughly $12.7 billion in crypto moving through these shady operations.

Pig Butchering and Asian Scam Centers

The report breaks down how pig butchering crypto scams work and highlights the role of scam centers in Asia. FinCEN focuses on how these fraud hubs are connected to the financial transactions documented in the SARs, painting a clearer picture of where and how the money moves.

Why This Matters

This publication gives the clearest regulatory snapshot yet of just how massive pig butchering crypto fraud has become—and how these transactions flow. For compliance teams and crypto market players, these insights could be key for building out systems to spot and escalate suspicious pig butchering activity as it happens.