Key Takeaways
- • President Donald Trump is set to highlight his administration's crackdown on foreign criminal networks that lure Americans into fraudulent crypto investments, according to a White House official speaking to Reuters, as part of a broader cyber crime prevention event on Wednesday.
- • The FBI received more than one million internet scam complaints from Americans last year, a 17% increase from 2024, with complainants reporting the highest losses, per an agency report.
- • Participating officials include Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche, with actions including seizure of fraudulent crypto investment websites and efforts to stop online impersonation scams.
- • A Reuters investigation found Trump and his sons have added at least $2.3 billion to the family fortune through their main crypto ventures, while investors they have courted have taken a $2.3 billion hit.
Summary
President Donald Trump will highlight his administration's efforts on Wednesday to crack down on foreign criminal networks that lure Americans into fraudulent crypto investments, a White House official told Reuters. The messaging is part of a broader White House event on cyber crime prevention, where Trump and members of his cabinet are expected to showcase the government's seizure of fraudulent crypto investment websites and efforts to stop online impersonation scams.
The FBI's annual report, cited in the Reuters coverage, shows that Americans filed more than one million complaints about internet scams last year, a 17% increase from 2024. Americans who filed complaints reported the highest losses of any category tracked by the agency.
Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are expected to attend. Trump earlier directed the Justice Department, in a March executive order, to prioritize identifying and prosecuting online scammers, and later directed the Department of Homeland Security to work with private companies to surveil foreign criminal hacking groups.
The announcement comes against the backdrop of a Reuters investigation into the president's family crypto business. According to that investigation, Trump and his sons have added at least $2.3 billion to the family fortune from their main crypto ventures, while investors they have courted have taken a $2.3 billion hit. White House spokeswoman Anna Kelly responded in a statement that "All actions by President Trump and his administration are taken in the best interest of the American people."
Reuters also noted that Trump pardoned Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange, in October 2025. Zhao had resigned after the company pleaded guilty to failing to maintain an effective anti-money laundering program.
The FBI's annual report, cited in the Reuters coverage, shows that Americans filed more than one million complaints about internet scams last year, a 17% increase from 2024. Americans who filed complaints reported the highest losses of any category tracked by the agency.
Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are expected to attend. Trump earlier directed the Justice Department, in a March executive order, to prioritize identifying and prosecuting online scammers, and later directed the Department of Homeland Security to work with private companies to surveil foreign criminal hacking groups.
The announcement comes against the backdrop of a Reuters investigation into the president's family crypto business. According to that investigation, Trump and his sons have added at least $2.3 billion to the family fortune from their main crypto ventures, while investors they have courted have taken a $2.3 billion hit. White House spokeswoman Anna Kelly responded in a statement that "All actions by President Trump and his administration are taken in the best interest of the American people."
Reuters also noted that Trump pardoned Changpeng Zhao, the convicted founder of the Binance cryptocurrency exchange, in October 2025. Zhao had resigned after the company pleaded guilty to failing to maintain an effective anti-money laundering program.
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