Crypto Scams Cost Americans $11B as Trump Steps Up Action

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. According to the investigators, operators lure the victims into depositing cryptocurrency using convincing investment websites.

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