U.S. Marine Corps Lance Cpl. Cristian L. Ricardo
Trump highlights crackdown on foreign crypto scams at White House event
The president is set to spotlight federal efforts against overseas fraud networks after Americans reported more than $11 billion in crypto-related losses in 2025
President Donald Trump is set to use the White House stage on October 21, 2026, to talk about crypto scams. Specifically, the overseas kind that drain American bank accounts one fake investment opportunity at a time.
Who’s showing up, and why it matters
Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth, and Attorney General Todd Blanche are all expected to attend.
The event centers on online impersonation scams, many of which are run by foreign criminal networks. These operations typically pose as someone trustworthy, build a relationship with a target, and then steer that person toward a crypto “investment” that exists mostly on a screen.
The numbers behind the push
According to FBI data, internet scam complaints topped 1 million in 2025. That figure marked a 17% increase from the year before.
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Americans reported more than $11 billion in losses tied to crypto-related fraud in 2025. Investment scams alone accounted for $7.2 billion of that total.
From executive order to website takedowns
The October event builds on a March 6, 2026, executive order. That order directed federal agencies to prioritize prosecuting online fraud and foreign scam operations, with particular emphasis on scams coming out of criminal organizations based in Southeast Asia.
On October 14, 2026, local and federal authorities took down 241 fraudulent websites linked to an international crypto investment fraud network.