Trump announces crackdown on crypto scams targeting Americans

President Donald Trump will underscore his administration’s efforts today to disrupt overseas crypto fraud syndicates that lure Americans into counterfeit crypto investments as part of a cyber defense summit focused on prevention.

Trump and members of his cabinet are intended to underscore the government’s asset seizure of fraudulent crypto investment schemes to stop online impersonation scams.

According to officials, Homeland Security Secretary Markayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are also expected to attend.

The reports underlined that Americans filed more than a million complaints with the FBI about online hoaxes last year, a 17% increase from 2024, according to an agency report which also noted that Americans who registered claims reported significant damages.

In this connection, White House spokeswoman Anna Kelly said in a statement about its investigation, “ All actions by ​President Trump ⁠and his administration are taken in the best interest of the American people.”

Earlier, Trump in a March executive order mandated the Justice Department to prioritize identifying and prosecuting scammers, and later directed the Department of Homeland Security to collaborate with private enterprises to monitor foreign cyber threat actors.