Trump set to address foreign crypto scams at White House event, report says
In brief
- Trump is scheduled to speak on overseas crypto scams at the White House on October 21.
- Mullin, Patel, Hegseth and Blanche were expected to attend, per Crypto Briefing.
- Crypto-fraud losses reported by Americans topped $11 billion in 2025, FBI data shows.
- Investment scams accounted for $7.2 billion of those losses, according to FBI data.
- Authorities took down 241 fraudulent websites on October 14, the report said.
Who's expected to attend
Most of the guest list comes from law enforcement and national security. Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche were expected to attend, Crypto Briefing reported.
The schemes on the agenda aren't new. According to the report, these operations typically pose as someone trustworthy, build a relationship with a target and then steer that person toward fake crypto investments (the overseas kind that, in Crypto Briefing's words, drain American bank accounts "one fake investment opportunity at a time").
What the FBI data shows
Internet scam complaints topped 1 million in 2025, according to FBI data cited by Crypto Briefing. That's a 17% increase from the year before. Americans also reported more than $11 billion in losses tied to crypto-related fraud in 2025, per the same data.
Investment scams alone accounted for $7.2 billion of it.
Building on a March executive order
The event isn't a standalone move. It builds on a March 6, 2026, executive order that directed federal agencies to prioritize prosecuting online fraud and foreign scam operations, with particular emphasis on criminal organizations based in Southeast Asia.
Enforcement is already underway. On October 14, local and federal authorities took down 241 fraudulent websites linked to an international crypto investment fraud network, according to the report.
For crypto users, the pattern described here is worth knowing. The pitch doesn't start with a token. It starts with someone who seems trustworthy, and it ends with a fake crypto investment.
Frequently asked questions
How much did Americans lose to crypto-related fraud in 2025?
Americans reported more than $11 billion in losses tied to crypto-related fraud in 2025, according to FBI data cited by Crypto Briefing. Investment scams accounted for $7.2 billion of that total.
What did the March 6, 2026 executive order on online fraud do?
According to Crypto Briefing, the March 6, 2026 executive order directed federal agencies to prioritize prosecuting online fraud and foreign scam operations. It placed particular emphasis on criminal organizations based in Southeast Asia.
How do the foreign crypto impersonation scams work?
Crypto Briefing reported that these operations typically pose as someone trustworthy and build a relationship with a target. They then steer that person toward fake crypto investments. Many of these scams are run by foreign criminal networks.
