U.S. restrains $938M in crypto amid Donald Trump’s crackdown on overseas scams

U.S. President Donald Trump’s administration is stepping up its crackdown on overseas cryptocurrency scam networks that target American investors through fake investment platforms, fraudulent websites, and online impersonation schemes. During the White House cybercrime roundtable on the 21st of October, Trump said authorities had “frozen nearly $1 billion of cybercurrency tied to foreign scammers and shut down 500+ fraudulent websites.” This comes as crypto scams continue to surge throughout 2026. In fact, according to DeFiLlama data, losses in 2026 so far have reached $2.345 billion across 305 incidents.