Trump to throw spotlight on overseas crypto abuses at White House event

President Donald Trump intends to spotlight his administration's efforts against overseas crypto-fueled criminal operations at a White House event on cybercrime, according to a White House official. The official stated that crypto-related scams have stolen tens of billions from U.S. citizens, and Trump plans to emphasize the administration's targeting and disruption of the transnational organizations behind these scams.

These criminal cartels have established complex scam centers that employ relationship scams, phishing campaigns, ransomware attacks, and other fraudulent means to steal money. The U.S. has taken action to seize funds and shut down these operations, with the administration reporting that law enforcement agencies have halted approximately $833 million in crypto connected to overseas scams.

Additionally, 503 fraudulent crypto websites have been seized under the supervision of the Homeland Security Task Force. The administration has also notified nearly 9,000 U.S. citizens that they have been victimized by these scams. In November, the Department of the Treasury established a multi-agency Scam Center Strike Force to combat so-called "pig butchering" schemes that were orchestrated by well-funded organized-crime operations in countries like Burma, Cambodia, Laos, and the Philippines.

The U.S. government has imposed sanctions on entities meant to isolate the websites and infrastructure behind such attacks. However, Trump's personal ties to crypto may pose a political risk as the congressional midterm elections approach. Digital assets have gained prominence in accusations of self-dealing against the president and his administration in the lead-up to the elections.