President Donald Trump plans to highlight federal efforts against overseas crypto scams at a White House cybersecurity event on October 21. The administration is targeting fraudulent investment websites and foreign criminal networks, as FBI data shows cryptocurrency-related losses exceeding $11 billion in 2025.
According to a Reuters report, senior cabinet members would join the event in Washington. The planned remarks focus on website seizures, impersonation schemes, and efforts to interrupt fraud operations that target American investors.
Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth, and Attorney General Todd Blanche are expected to attend. Officials have not announced new arrests or seizure totals specifically tied to Wednesday’s event.
How Is Washington Targeting Overseas Crypto Scams?
According to the investigators, operators lure the victims into depositing cryptocurrency using convincing investment websites. Some websites show fake balances or promised returns while the operators launder the funds through different accounts.
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In April, the Department of Justice spoke about the efforts being made to combat international crypto scams. As per the Scam Center Strike Force, there was an attempt to restrict over $701 million worth of cryptocurrency, which was suspected of being used for laundering funds from the investment scam.
Along with that, 503 fraudulent investment websites were seized along with a Telegram recruitment channel used by the scam compounds. Two individuals from China were charged for their involvement in the operations from Myanmar and Cambodia.
These measures taken in April were focused on the infrastructure of the crypto scams rather than just one payment. According to the department, they have initiated the process of forfeiture to help in repaying the victims, if required.
What Do FBI Figures Show About Crypto Scams?
For the year 2025, the FBI reported 1,008,597 internet crime complaints, compared to 859,532 in 2024. This represents a 17% increase in internet crimes.
Losses reported as a result of cybercrime were close to $21 billion. Cryptocurrency complaints were 181,565 and made losses of more than $11 billion.
In the case of investment fraud, 49% of cyber-enabled scam losses were reported. Americans of ages 60 and above reported losses of approximately $7.7 billion for cyber-enabled crimes compared to other age groups.
These figures by the FBI make clear that crypto fraud has become an area of interest for federal agencies because they represent reported losses and not the amount of money that has been tracked and recovered.
What Has Trump Ordered Federal Agencies to Do?
An executive order was signed by Trump on March 6, ordering department heads to take steps towards dealing with cybercrime networks from other countries. It asked for a review of existing authorities in 60 days and an inter-agency action plan in 120 days.
The executive order mandated coordination through an operational cell set up in the National Coordination Center. The executive order also requested that prosecutors make sure that cyber-enabled serious fraud cases be handled first and suggested that the attorney general come up with a victim restoration program.
There was another memorandum from the White House in August, which broadened the scope of actions by vetted private companies. These vetted private companies would help the government in identifying and disrupting foreign cybercrime networks.
These actions do not only target crypto scams but also include online impersonation and extortion.
How Are Investigations and Recoveries Progressing?
In July, Justice Department attorneys reported the seizure of over $25 million worth of cryptocurrency in five international fraud schemes. They claimed that the total recovery by the Scam Center Strike Force surpassed $800 million.
The schemes involved victims from the United States and Canada. According to authorities, the criminals used fraudulent investments and sophisticated transfers in dealing with the stolen money.
On October 13, Coinbase referred to an operation held from October 6 to 9 in London by the Justice Department, Britain’s National Crime Agency, and industry experts. The participants exchanged information about the suspicious fraud networks in West Africa.
The recent White House action fits into the broader campaign against the criminal activity in other countries. However, while the reported seizures demonstrate progress in breaking the networks, they do not indicate how much stolen money the victims have received.
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