Key Takeaways
- • President Trump is expected to highlight federal action against overseas crypto investment scams at an October 21 White House event, according to a White House official who spoke to Reuters.
- • FBI's 2025 Internet Crime Report shows 1,008,597 complaints in 2025, up roughly 17% from 859,532 in 2024, with cryptocurrency-related losses exceeding $11 billion.
- • Americans aged 60 and older reported approximately $7.7 billion in cyber-enabled crime losses, the highest of any age group.
- • The Justice Department reported restraining more than $701 million in cryptocurrency tied to international scam operations in April, and seizures through the Scam Center Strike Force exceeded $800 million after July actions.
- • Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are expected to attend the event.
Summary
President Donald Trump is expected to highlight his administration's crackdown on overseas cryptocurrency investment scams at a White House event on October 21, according to a White House official who spoke to Reuters. The event, held in Washington during a cybersecurity program, is expected to feature discussion of seized fraudulent investment websites and efforts to stop online impersonation schemes. Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are among those expected to attend. The administration has not released a new seizure total or identified additional criminal organizations ahead of the event.
The FBI's 2025 Internet Crime Report underscores the scale of the problem. The Internet Crime Complaint Center received 1,008,597 complaints in 2025, compared with 859,532 in 2024, an increase of approximately 17%. Reported losses from cyber-enabled crime approached $21 billion, with cryptocurrency-related complaints accounting for more than $11 billion across 181,565 complaints. Investment fraud accounted for nearly half of reported cyber-enabled scam losses. Americans aged 60 and older reported about $7.7 billion in losses, the highest among age groups.
Federal enforcement has accelerated under a March 6 executive order directing agencies to strengthen responses to transnational cybercrime, prioritize prosecutions involving scam centers and online extortion, and coordinate through the National Coordination Center. The order required departments to review investigative capabilities within 60 days and submit action plans within 120 days, and asked the attorney general to recommend a victim restoration program funded by recovered assets, subject to legal requirements. In August, a separate presidential memorandum authorized a program allowing vetted American companies to assist federal authorities with cyber surveillance and disruption operations against foreign criminal organizations, under Justice Department and Homeland Security oversight.
Justice Department actions include restraining more than $701 million in cryptocurrency connected to international scam operations in April, along with the dismantling of recruitment channels and more than 500 fake investment websites. In July, the department announced seizures exceeding $25 million across five investigations involving victims in the United States and Canada, bringing Scam Center Strike Force seizures above $800 million according to federal prosecutors. On October 13, Coinbase disclosed participation in a separate international operation, conducted October 6–9 in London with the Justice Department and Britain's National Crime Agency, targeting West African fraud networks. The White House has not indicated whether the October 21 event will announce new actions beyond those already disclosed.
The FBI's 2025 Internet Crime Report underscores the scale of the problem. The Internet Crime Complaint Center received 1,008,597 complaints in 2025, compared with 859,532 in 2024, an increase of approximately 17%. Reported losses from cyber-enabled crime approached $21 billion, with cryptocurrency-related complaints accounting for more than $11 billion across 181,565 complaints. Investment fraud accounted for nearly half of reported cyber-enabled scam losses. Americans aged 60 and older reported about $7.7 billion in losses, the highest among age groups.
Federal enforcement has accelerated under a March 6 executive order directing agencies to strengthen responses to transnational cybercrime, prioritize prosecutions involving scam centers and online extortion, and coordinate through the National Coordination Center. The order required departments to review investigative capabilities within 60 days and submit action plans within 120 days, and asked the attorney general to recommend a victim restoration program funded by recovered assets, subject to legal requirements. In August, a separate presidential memorandum authorized a program allowing vetted American companies to assist federal authorities with cyber surveillance and disruption operations against foreign criminal organizations, under Justice Department and Homeland Security oversight.
Justice Department actions include restraining more than $701 million in cryptocurrency connected to international scam operations in April, along with the dismantling of recruitment channels and more than 500 fake investment websites. In July, the department announced seizures exceeding $25 million across five investigations involving victims in the United States and Canada, bringing Scam Center Strike Force seizures above $800 million according to federal prosecutors. On October 13, Coinbase disclosed participation in a separate international operation, conducted October 6–9 in London with the Justice Department and Britain's National Crime Agency, targeting West African fraud networks. The White House has not indicated whether the October 21 event will announce new actions beyond those already disclosed.
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