U.S. President Donald Trump is expected to highlight his administration’s efforts to combat foreign criminal networks targeting Americans through fraudulent cryptocurrency investments at a White House event on Wednesday. According to a White House official, Trump and cabinet members will discuss the seizure of fraudulent crypto investment websites and measures to prevent online impersonation scams as part of a broader initiative to strengthen cybercrime prevention.
Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are expected to attend the event. The FBI received more than one million complaints about internet scams last year, a 17% increase from 2024, according to an agency report. The report also highlighted the significant financial losses suffered by Americans who reported such crimes.
The administration’s crypto-related initiatives come amid scrutiny of Trump’s family cryptocurrency ventures. A Reuters investigation found that Trump and his sons had added at least $2.3 billion to their family fortune through major crypto ventures, while investors they had attracted incurred losses of a similar amount. Trump pardoned Binance founder Changpeng Zhao in October 2025 after Zhao’s conviction in a case involving the cryptocurrency exchange’s failure to maintain an effective anti-money laundering programme. In March, Trump also directed the Justice Department to prioritise the identification and prosecution of online scammers and later instructed the Department of Homeland Security to work with private companies to monitor foreign criminal hacking groups.
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