President Trump

President Donald Trump

<p>The White House (<a href="https://x.com/WhiteHouse" rel="noopener noreferrer nofollow">@WhiteHouse</a>) said President <a href="https://x.com/realDonaldTrump" rel="noopener noreferrer nofollow">@realDonaldTrump</a> will use a cybercrime event today to highlight his administration's push against foreign criminal networks that lure Americans into fake crypto investments.</p>
<p>A White House official said federal agencies have halted about $833 million in crypto tied to overseas scams, seized 503 fake crypto websites and warned nearly 9,000 Americans that they were being targeted, according to CoinDesk.</p>
<h2 id="what-the-administration-says-it-has-done">What the administration says it has done</h2>
<p>According to NewsNation, the Homeland Security Task Force has <a href="https://www.newsnationnow.com/crime/president-trump-cybercrime-roundtable/" rel="noopener noreferrer nofollow">restrained approximately $833 million in cryptocurrency</a> tied to overseas scam centers and crypto investment fraud schemes. The seized websites display fake gains to lure Americans into sending money to criminally controlled accounts, the report said.</p>
<p>Investigators have also identified and warned nearly 9,000 Americans who were actively being victimized, preventing an estimated $562 million in losses, according to iHeart's report on the event, which cited ClickOrlando.</p>
<p>The official described the problem as a $50 billion threat to American families and businesses. The administration said it is targeting the transnational groups behind scam centers, freezing stolen funds before they leave the system and seeking to return recovered money to victims.</p>
<p>The event follows a March executive order in which Trump directed the Justice Department to prioritize the identification and prosecution of online scammers, per iHeart.</p>
<h2 id="background-pig-butchering-and-the-scam-center-strike-force">Background: pig butchering and the Scam Center Strike Force</h2>
<p>Much of the enforcement activity centres on so-called pig butchering, a romance and investment fraud in which scammers build trust with victims before steering them into fake crypto platforms. The Justice Department set up a Scam Center Strike Force in November 2025 to target scam compounds mainly located in Southeast Asia, according to <a href="https://cryptobriefing.com/crypto-asset-seizures-from-pig-butchering-scams/" rel="noopener noreferrer nofollow">Crypto Briefing</a>. The outlet reported that the unit had recovered $580 million in digital assets within its first three months.</p>
<p>Stablecoin issuer Tether, issuer of <a href="https://x.com/search?q=%24USDT&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$USDT</a>, has been a frequent partner in such cases. In February, it said the DOJ acknowledged its help in a seizure of nearly $61 million in USDT linked to a pig butchering operation, according to a <a href="https://tether.io/news/tether-acknowledged-by-doj-for-support-in-61-million-seizure-linked-to-pig-butchering-fraud/" rel="noopener noreferrer nofollow">Tether announcement</a>.</p>
<p>Some reports put the figures higher. Crypto News Flash, citing the Justice Department, said prosecutors have restrained about $938 million tied to scam operations since late 2025, and noted that restrained assets are frozen pending legal proceedings rather than returned to victims. The differing totals likely reflect different agencies and time periods, so readers should treat the figures as approximate.</p>
<p>The scale of losses explains the political focus. Americans reported $11.37 billion in crypto-related losses to the FBI in 2025, according to <a href="https://www.crypto-news-flash.com/trump-crypto-scam-crackdown-938m-frozen/" rel="noopener noreferrer nofollow">Crypto News Flash</a>.</p>
<h2 id="sources">Sources</h2>
<p><a href="https://www.coindesk.com/policy/2026/10/21/trump-to-throw-spotlight-on-overseas-crypto-abuses-in-white-house-event" rel="noopener noreferrer nofollow">CoinDesk: Trump to throw spotlight on overseas crypto abuses at White House event</a><br><a href="https://www.newsnationnow.com/crime/president-trump-cybercrime-roundtable/" rel="noopener noreferrer nofollow">NewsNation: President Trump to hold cybercrime roundtable</a><br><a href="https://cryptobriefing.com/crypto-asset-seizures-from-pig-butchering-scams/" rel="noopener noreferrer nofollow">Crypto Briefing: US DOJ strike force seizes $580M in crypto from pig butchering scams</a></p>

Trump puts overseas crypto scam gangs in the White House spotlight

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