The UN has estimated $114 billion in damages from scam networks: cryptocurrencies have become the financial backbone of crime.
In 2025, losses from fraudulent operations in East and Southeast Asia, as well as in Australia and New Zealand, reached astronomical figures of $88.3–114.1 billion. These are not just numbers — they are an indicator of a complete restructuring of the global criminal economy, where scattered groups have transformed into a single cross-border network with shared infrastructure.
The assessment methodology, as always, is conservative: it only accounts for officially registered losses and the estimated share of victims who do not report to authorities. For comparison, in 2023, losses in the same subregions were estimated at $18–37 billion. The roughly threefold increase is not just a spike, but a systemic shift.
Among the countries with the highest registered losses for 2024–2025, China ($5.1 billion), the Republic of Korea ($3.5 billion), and Taiwan ($2.8 billion) lead the list. However, I am confident the real figures are significantly higher, especially given the widespread reluctance of victims to report fraud.
Criminal groups have consolidated infrastructure
What is happening is essentially "corporate franchising" in crime. Syndicates are no longer competing but cooperating, creating shared services for money laundering, human trafficking, illegal migrant smuggling, and data collection. UNODC lead analyst Inshik Sim rightly notes that the scale and complexity of this economy "outpace existing countermeasures."
A significant portion of operations is based in scam centers — isolated compounds where people are detained and forced to work in investment and romance scams. This is not just fraud, but a modern form of slavery.
Cryptocurrencies — the settlement infrastructure
Special attention in the report is given to the role of cryptocurrencies, and here I fully agree with the conclusions. USDT on the TRON network has become the de facto settlement unit for criminal networks. This combination has created a parallel financial system: near-instant, cheap, and pseudonymous cross-border transfers. Through P2P platforms, over-the-counter brokers, and underground banking networks, criminals easily convert fiat into stablecoins and back, bypassing banking controls.
As an analyst, I have repeatedly emphasized: as long as the revenues of criminal networks remain out of reach, simply disrupting operations is futile. Law enforcement must be trained to track and confiscate crypto assets — this is the only way to deliver a real blow.
AI and satellite communications have strengthened scam networks
Criminals are actively adopting technologies: generative AI, deepfakes, encrypted messengers, satellite internet (including Starlink). Generative AI lowers the entry barrier for complex fraud schemes — even small groups can now use AI translation, voice cloning, and real-time deepfake video.
I particularly note the 42% year-on-year increase in 2025 in the use of legitimate advertising networks to distribute malware and phishing. Satellite internet allows criminals to operate in remote areas without relying on local providers.
Recruiters are seeking people beyond Asia
Individuals from over 80 countries have been identified in scam compounds. Recruitment networks are expanding geographically: job ads require knowledge of German, Polish, Dutch, Spanish, Italian, French, and other languages. This is an alarming signal — Europeans and Americans are increasingly becoming both victims and forced laborers.
My conclusion: we are witnessing the formation of a global criminal ecosystem where cryptocurrencies play the role not just of a tool, but of a fundamental financial layer. Without strict regulation of stablecoins and international coordination in tracking on-chain traffic, this problem will only worsen. Criminals are already one step ahead — it is time to catch up.