President Donald Trump has prepared to highlight his administrations crackdown on overseas cryptocurrency scams, with federal agencies targeting fraudulent investment websites and criminal networks accused of stealing billions from Americans.
Summary
- President Donald Trump is expected to highlight federal action against overseas crypto investment scams at an October 21 White House event.
- The administration plans to discuss seized fraudulent investment websites and efforts to stop online impersonation.
- FBI data shows Americans reported more than $11 billion in cryptocurrency-related losses during 2025.
- A March executive order directed federal agencies to pursue foreign scam networks, coordinate investigations and consider victim compensation.
- Justice Department investigators have already pursued cryptocurrency seizures and cross-border fraud operations.
According to a White House official who spoke to Reuters on October 21, Trump and senior cabinet officials are expected to discuss efforts to disrupt foreign fraud operations during a cybersecurity event in Washington.
Trump administration targets overseas crypto scams
The planned event will focus on criminal organizations that persuade Americans to transfer money into fraudulent cryptocurrency investments, often through websites designed to resemble legitimate trading platforms.
Officials are expected to describe the governments seizure of fraudulent investment websites and measures taken to combat online impersonation schemes.
Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are among those expected to attend, according to the White House official.
The administration has not provided a new seizure total or identified additional criminal organizations ahead of the event.
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Federal investigators have already taken action against infrastructure used to direct victims toward fraudulent crypto investments.
In April, the Justice Department reported restraining more than $701 million in cryptocurrency connected to international scam operations, while authorities dismantled recruitment channels and more than 500 fake investment websites.
As crypto.news previously reported, investigators targeted networks operating fraudulent investment platforms and laundering proceeds through cryptocurrency transactions.
The operation included action against recruitment infrastructure connected to scam compounds in Southeast Asia.
FBI reports more than $11 billion in cryptocurrency fraud losses
The scale of online fraud has continued to grow, according to the FBIs 2025 Internet Crime Report.
The agencys Internet Crime Complaint Center received 1,008,597 complaints during 2025, compared with 859,532 in 2024, an increase of approximately 17%.
JUST IN: President Trump set to announce a crackdown on overseas crypto scams
The White House says the administration will highlight seizures of fraudulent crypto investment websites and efforts to stop impersonation scams, as the FBI reported over 1 million internet scam… pic.twitter.com/Uj9qdMEI6U
— crypto.news (@cryptodotnews) October 21, 2026
Reported losses from cyber-enabled crime approached $21 billion, with cryptocurrency-related complaints accounting for more than $11 billion.
The FBI recorded 181,565 complaints involving cryptocurrencies. Americans aged 60 and older reported approximately $7.7 billion in losses across cyber-enabled crimes, the highest amount among age groups.
Investment fraud accounted for nearly half of reported cyber-enabled scam losses, illustrating the financial damage caused by schemes that persuade victims to send money to investment services that do not exist.
During September, federal investigators held a technical exchange on crypto crime involving law enforcement agencies and digital asset specialists.
The discussions covered cryptocurrency scams, blockchain investigations and illicit financial activity, including threats involving North Korean actors.
White House orders coordinated action against foreign fraud networks
Trumps planned remarks follow a March 6 executive order directing federal agencies to strengthen their response to transnational cybercrime.
The order instructed the Justice Department to prioritize prosecutions involving cyber-enabled fraud, including scam centers and online extortion.
It required several federal departments to review their investigative capabilities within 60 days and submit an action plan within 120 days.
The plan was to identify criminal organizations responsible for scam operations and establish coordination through the National Coordination Center.
Another provision directed the attorney general to recommend a victim restoration program using assets recovered from criminal networks, subject to legal requirements.
In August, Trump issued a separate presidential memorandum authorizing a program through which vetted American companies could assist federal authorities with cyber surveillance and disruption operations against foreign criminal organizations.
The August memorandum placed those operations under federal government oversight, with Justice Department and Homeland Security officials responsible for approving activities within their authority.
Justice Department pursues international scam networks
Federal prosecutors have continued pursuing suspected fraud proceeds through cryptocurrency tracing and civil forfeiture proceedings.
In July, the Justice Department announced seizures exceeding $25 million across five investigations involving international investment scams.
The cases involved victims in the United States and Canada who were allegedly deceived into transferring cryptocurrency to fraudulent investment operations.
The July asset recovery cases brought reported seizures through the Scam Center Strike Force above $800 million, according to federal prosecutors.
On October 13, Coinbase disclosed participation in a separate international operation targeting West African fraud networks.
The joint investigation in London involved the Justice Department, Britains National Crime Agency and private-sector investigators working to identify suspicious accounts and disrupt online scam infrastructure.
Coinbase said its investigators traced financial transactions and shared intelligence with law enforcement during the October 6–9 operation.
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