Washington – On Wednesday, US President Donald Trump will outline his administration’s efforts to combat foreign criminal networks that lure Americans into fraudulent cryptocurrency investments. The event, held at the White House, will focus on countering cybercrime.The event is expected to address the U.S. government’s efforts to seize websites used in investment fraud. It will also cover combating online identity theft, according to a White House official quoted by Reuters.Government moves to prosecute fraudstersSeveral high-ranking U.S. administration officials are participating in the event, including Homeland Security Secretary Marquin Mullen, FBI Director Kash Patel, Defense Secretary Pete Hegseth, and Attorney General Todd Blanch.White House Chief of Staff Suzy Wilms, Deputy Chief of Staff Stephen Miller, and National Cyber Security Director Sean Cairncross are also expected to attend.These moves come as part of efforts to intensify the prosecution of those involved in cybercrimes. Previously, in March, Trump directed the Justice Department to prioritize identifying and prosecuting cybercriminals. He also called on the Department of Homeland Security to collaborate with private companies to monitor foreign hacking groups.Record losses due to online fraudThe FBI received more than one million complaints about online fraud in 2025, a 17% increase compared to 2024, according to a report by the bureau. The report also indicated that reported financial losses reached record levels.These figures highlight the growing scope of cybercrime. Specifically, scams related to cryptocurrency investments are on the rise, targeting individuals through various online platforms and websites.Trump family projects raise questionsIn contrast, the Trump family’s cryptocurrency ventures stand out within the context of the ongoing debate surrounding this activity. A Reuters investigation concluded that Trump and his sons boosted the family’s wealth by at least $2.3 billion through their major cryptocurrency projects, while investors attracted by these ventures suffered losses of $2.3 billion.The White House, in a statement by spokeswoman Anna Kelly, rejected the criticism surrounding the investigation. The statement asserted that the actions of the president and his administration were in the best interests of the American people.In October 2025, Trump pardoned Changpeng Zhao, the founder of the cryptocurrency exchange Binance. The pardon came after Zhao’s conviction in a case related to failing to maintain an effective anti-money laundering program.
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