Report: Trump to Address Foreign Crypto Scams at White House Event

President Donald Trump will use a White House occasion on Wednesday to highlight his administration’s efforts towards international felony networks that lure Americans into fraudulent crypto investments, a White House official advised Reuters.

His family, in the meantime, is closely concerned in soliciting crypto investments.

Cabinet Officials Set to Attend Scam Event

Cybercrime prevention extra broadly is the theme of the session, and the president and members of his cupboard are anticipated to point to the federal government’s seizure of fraudulent crypto funding web sites, the official defined. Efforts to cease on-line impersonation scams are additionally on the agenda.

Homeland Security Secretary Markwayne Mullin, FBI Director Kash Patel, Defense Secretary Pete Hegseth and Attorney General Todd Blanche are anticipated to attend, the official added.

According to an FBI report, Americans filed greater than 1,000,000 complaints about web scams final yr, a 17% enhance from 2024. The similar report famous that Americans who filed complaints reported the best losses.

Trump’s household has gotten closely tied to crypto, with the president’s annual monetary disclosure exhibiting that many of the $2.2 billion he made final yr got here from digital currencies. This consists of about $600 million from World Liberty Financial (WLFI) and $636 million extra from the sale of Trump-branded meme cash.

The president defended the earnings, saying there was nothing unlawful or fallacious about them, at the same time as critics like political commentator John Oliver accused him of giving buyers entry to the White House in alternate for them placing cash into his crypto companies. The White House has mentioned neither the president nor his household have engaged or will interact in conflicts of curiosity.

Investor Losses Tied to Family Crypto Venture

As CryptoPotato reported earlier, shopper advocacy group Public Citizen estimated that buyers in crypto ventures tied to the president and his household are at least $4.7 billion underwater since 2022. Most of these losses stay unrealized, which means buyers nonetheless maintain the property and haven’t offered at a loss.

The TRUMP meme coin accounted for an estimated $3.2 billion of that determine, and the token has misplaced greater than 97% of its worth since hitting an all-time high of $73 in January 2025, though at the time of writing it had jumped greater than 7% in 24 hours to take its worth to round $1.82. WLFI buyers are at least $1 billion underwater by the identical estimate.

Senators Elizabeth Warren and Richard Blumenthal asked SEC Chair Paul Atkins in August to examine the meme coin. They steered that it could have allowed fraud or unfairly enriched individuals at the expense of on a regular basis buyers.

Per Public Citizen’s report, the president continues to personal and management his companies. His stakes, together with the meme coin and World Liberty Financial’s two tokens, sit in a revocable belief by which he’s the only real donor and beneficiary, and his eldest son is the only real trustee.

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