President Donald Trump will use a White Home occasion on Wednesday to highlight his administration’s efforts towards international felony networks that lure Individuals into fraudulent crypto investments, a White Home official informed Reuters.
His family, in the meantime, is closely concerned in soliciting crypto investments.
Cupboard Officers Set to Attend Rip-off Occasion
Cybercrime prevention extra broadly is the theme of the session, and the president and members of his cupboard are anticipated to level 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 Safety Secretary Markwayne Mullin, FBI Director Kash Patel, Protection Secretary Pete Hegseth and Lawyer Common Todd Blanche are anticipated to attend, the official added.
In response to an FBI report, Individuals filed greater than one million complaints about web scams final yr, a 17% improve from 2024. The identical report famous that Individuals who filed complaints reported the best losses.
Trump’s household has gotten closely tied to crypto, with the president’s annual monetary disclosure displaying that many of the $2.2 billion he made final yr got here from digital currencies. This contains about $600 million from World Liberty Monetary (WLFI) and $636 million extra from the sale of Trump-branded meme cash.
The president defended the earnings, saying there was nothing unlawful or incorrect about them, whilst critics like political commentator John Oliver accused him of giving buyers entry to the White Home in change for them placing cash into his crypto companies. The White Home has mentioned neither the president nor his household have engaged or will have interaction in conflicts of curiosity.
Investor Losses Tied to Household Crypto Enterprise
As CryptoPotato reported earlier, shopper advocacy group Public Citizen estimated that buyers in crypto ventures tied to the president and his household are at the least $4.7 billion underwater since 2022. Most of these losses stay unrealized, that means buyers nonetheless maintain the belongings and haven’t bought 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 excessive of $73 in January 2025, though on 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 the least $1 billion underwater by the identical estimate.
Senators Elizabeth Warren and Richard Blumenthal requested SEC Chair Paul Atkins in August to analyze the meme coin. They prompt that it might have allowed fraud or unfairly enriched individuals on 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 Monetary’s two tokens, sit in a revocable belief wherein he’s the only real donor and beneficiary, and his eldest son is the only real trustee.
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