Trump to tout crackdown on overseas crypto scams
SPY•President Donald Trump will highlight efforts to crack down on foreign criminal networks behind fraudulent crypto investments at a Wednesday White House event, a White House official told Reuters. Americans filed more than 1 million internet scam complaints with the FBI last year, up 17% from 2024.
1. White House event
Trump and cabinet members are expected to highlight the seizure of fraudulent crypto investment websites and efforts to stop online impersonation scams, a White House official said. Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are expected to attend.
2. Scam complaints and actions
Americans filed more than 1 million complaints with the FBI about internet scams last year, a 17% increase from 2024. Trump’s March executive order directed the Justice Department to prioritize identifying and prosecuting online scammers; he later directed the Department of Homeland Security to work with private companies to surveil foreign criminal hacking groups.
3. Trump family crypto ventures
A Reuters investigation found that Trump and his sons added at least $2.3 billion to the family fortune from their main crypto ventures, while investors they had wooed took a $2.3 billion hit. Trump pardoned Binance founder Changpeng Zhao in October 2025; Zhao had left his job after the company pleaded guilty to failing to maintain an effective anti-money laundering program.
