President Trump to Announce Crackdown on Foreign Crypto Scams Targeting Americans

President Donald Trump has announced plans to intensify efforts against foreign crypto scam networks targeting Americans, with the White House preparing to highlight website seizures and online fraud prevention measures.

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Trump to Highlight Crackdown on Foreign Crypto Scams

During Wednesday’s White House event, Trump will address efforts to combat overseas cryptocurrency investment fraud. According to the official, federal authorities have seized websites that criminals used to promote fraudulent investments.

The administration will address online impersonation schemes that trick Americans into transferring money to criminals.

Homeland Security Secretary Markwayne Mullin and FBI Director Kash Patel are expected to attend. Defense Secretary Pete Hegseth and Attorney General Todd Blanche will join the event, the official said.

This announcement is part of a federal push against criminal enterprises outside the U.S. Fraudulent investment websites and stolen identity investment schemes have been the focus of the authorities.

In another development, a Bitget research report looked into AI-powered crypto scams. Common fraud practices identified were deepfakes and social engineering.

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FBI Reports Over USD 11 Billion in Cryptocurrency Scam Losses

FBI’s 2025 Internet Crime Report states that Americans reported 1,008,597 Internet crime incidents last year. This was about 17% higher than the 859,532 complaints received in 2024.

Reported cybercrime losses were nearing USD 21 billion, including significant losses due to cryptocurrency fraud.

According to the FBI, there were 181,565 cryptocurrency complaints reported on the FBI website with a total loss of more than USD 11 billion. Investment fraud generated nearly half of reported scam-related financial losses.

The agency estimated that the losses suffered by Americans aged over 60 were about USD 7.7 billion.

Meanwhile, recent news about Ledger’s security measures explored the growing need for cryptocurrency security. The company associated the interest in secure wallets with an increasing hacking and fraud threat.

White House Expands Enforcement Against Overseas Criminal Networks

In March, Trump directed the Justice Department to prioritize investigations and prosecutions involving online fraud.

A presidential memorandum issued on August 12 broadened the federals’ ability to employ cyber operations against foreign criminal groups. The White House directive instructed Homeland Security officials to establish cooperation with private cybersecurity companies.

The deal called for the companies to “assist” in intelligence collection and operations under the direction of the federal government.

Separately, Trump pardoned Binance founder Changpeng Zhao in October 2025, following his conviction in a federal compliance case.