Trump to highlight crackdown on cross-border crypto scams at White House event

On October 22, citing CoinDesk, as the U.S. congressional midterm elections approach, the ties between Trump, his administration and the crypto industry have drawn attention over conflict-of-interest allegations. White House officials revealed that U.S. President Trump plans to use a cybercrime event at the White House to spotlight his administration's actions against overseas criminal organizations using cryptocurrency to carry out scams.

The White House said that transnational criminal groups steal funds from the American public through romance scams, phishing, ransomware attacks and other means. U.S. law enforcement agencies have frozen approximately $833 million in crypto assets linked to overseas scams, seized 503 scam-related cryptocurrency websites under the operations of a Department of Homeland Security task force, and notified nearly 9,000 American citizens that they are being scammed.