Scam websites, brace yourselves: Trump’s crypto crackdown lands Wednesday

President Donald Trump will spotlight federal efforts against foreign cryptocurrency fraud networks targeting Americans during a Wednesday White House event, including website seizures designed to disrupt fraudulent investment operations.

Federal authorities have seized websites used by criminals to promote fraudulent investments, while the administration plans to address online impersonation schemes that trick Americans into transferring money to criminals. Homeland Security Secretary Markwayne Mullin and FBI Director Kash Patel are expected to attend, alongside Defense Secretary Pete Hegseth and Attorney General Todd Blanche.

The announcement is part of a federal push against criminal enterprises outside the U.S., with authorities focused on fraudulent investment websites and stolen identity investment schemes. Trump’s administration has directed agencies to prioritize online fraud prosecutions and overseas cybercrime investigations.

The FBI’s 2025 Internet Crime Report states that Americans reported 1,008,597 Internet crime incidents last year, about 17% higher than the 859,532 complaints received in 2024. Americans also reported more than USD 11 billion in cryptocurrency-related losses during 2025.

A separate Bitget research report examined AI-powered crypto scams and identified deepfakes and social engineering as common fraud practices.