Security
Trump to Highlight Crypto Scam Crackdown at White House Event
President Donald Trump is scheduled to showcase his administration’s crackdown on overseas criminal networks that deceive Americans with fraudulent cryptocurrency investments during a White House event on Wednesday. This initiative is part of a broader focus on cybercrime prevention, with Trump and various cabinet members discussing government actions against scams.
According to a White House official cited by Reuters, key participants in the event will include Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth, and Attorney General Todd Blanche. The announcement comes in light of a significant rise in reported internet scams, with over 1 million complaints submitted to the FBI last year, marking a 17% increase from 2024.
Notably, while the administration promotes these anti-fraud measures, Trump’s family has been involved in significant crypto investment ventures, reportedly increasing their wealth by at least $2.3 billion, even as investors faced similar losses.
Administration Actions Against Crypto Fraud
In response to the growing threat of cyber-enabled fraud, Trump signed Executive Order 14390 on March 6, 2026, directing federal prosecutors to prioritize such cases. Additionally, a National Security Presidential Memorandum issued on August 12, 2026, allows vetted U.S. companies to conduct cyber operations against foreign transnational criminal organizations under government oversight.
Patrick Witt, an executive director under the President’s Council of Advisors for Digital Assets, emphasized the importance of this memorandum in the fight against crypto fraud, aiming to protect American citizens.
The Scale of Crypto Fraud
According to the FBI’s Internet Crime Complaint Center, reported losses from internet crimes reached approximately $21 billion in 2025, with over $11 billion linked to cryptocurrency fraud. The Scam Center Strike Force has reportedly recovered more than $800 million from various fraud schemes.
In a significant operation on October 14, 2026, the Brooklyn District Attorney’s Office, in collaboration with the FBI, disrupted 241 fraudulent domains and 112 servers associated with an international crypto investment-fraud network, recovering about $300,000 from the scheme.
FAQ
What is the purpose of the White House event featuring President Trump?
The event aims to showcase the administration's crackdown on overseas criminal networks that deceive Americans with fraudulent cryptocurrency investments, as part of a broader focus on cybercrime prevention.
Who are the key participants in the White House event?
Key participants include Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth, and Attorney General Todd Blanche.
What actions has the Trump administration taken against crypto fraud?
The administration has signed Executive Order 14390, directing federal prosecutors to prioritize cyber-enabled fraud cases, and issued a National Security Presidential Memorandum allowing vetted U.S. companies to conduct cyber operations against foreign criminal organizations.
How significant is the issue of cryptocurrency fraud in the U.S.?
Cryptocurrency fraud is a major issue, with reported losses from internet crimes reaching approximately $21 billion in 2025, over $11 billion of which were linked to cryptocurrency fraud.
What recent actions have been taken to combat crypto fraud?
On October 14, 2026, the Brooklyn District Attorney's Office, in collaboration with the FBI, disrupted 241 fraudulent domains and 112 servers associated with an international crypto investment-fraud network, recovering about $300,000 from the scheme.