ChainCatcher report: President Trump will highlight his administration’s efforts to combat overseas crypto scams at a cybercrime prevention event at the White House on Wednesday. According to White House officials cited by Reuters, these overseas criminal networks deceive Americans into participating in fraudulent crypto investments. Trump and cabinet members plan to underscore that the government has seized multiple fake crypto investment websites and is moving to shut down impersonation scams. Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth, and Attorney General Todd Blanche are expected to attend. The event follows an executive order issued in March, in which Trump directed the Department of Justice to prioritize identifying and prosecuting cyber scammers, followed by a memorandum requiring the Department of Homeland Security to collaborate with private sector entities to monitor foreign criminal hacking groups. FBI data shows that in 2025, U.S. citizens filed over 1 million cybercrime complaints—a 17% increase from 2024—resulting in record losses. Crypto scams accounted for more than half of these losses; the FBI’s Internet Crime Complaint Center recorded 181,565 crypto-related complaints, totaling $11.366 billion in losses, with $7.2 billion attributed specifically to crypto investment fraud. Most of these scams have been traced to organized crime groups in Southeast Asia, particularly Cambodia, Laos, and Myanmar, where trafficked victims are forced into labor at scam operations. Americans aged 60 and older suffered the greatest losses, with $4.43 billion in crypto-related losses. Crypto ATM scams caused $389 million in losses—a 58% increase from 2024—while secondary scams targeting previous victims resulted in an additional $1.4 billion in losses. The FBI’s “Operation Escalate” notified 3,780 victims in 2025 who were actively being defrauded by crypto investment scams, helping to recover an estimated $225.8 million.
Trump to Highlight Crackdown on Overseas Crypto Fraud at White House Event
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Summary
U.S. President Trump will highlight efforts to combat overseas crypto fraud at a White House cybercrime event on Wednesday. This follows a March 2025 executive order directing the Justice Department to prioritize online fraud cases. FBI data shows over 100,000 complaints were filed in 2025, with crypto fraud resulting in $113.66 billion in losses. On-chain data indicates that most scams originate from organized groups in Southeast Asia. The FBI’s “Escalation Initiative” notified 3,780 victims in 2025 and recovered $228.8 million. Traders are advised to monitor altcoins closely amid increasing enforcement actions.
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