President Donald Trump said federal officials had frozen $1 billion in “cybercurrency tied to foreign scammers” at a White House roundtable on October 21. Neither he nor Attorney General Todd Blanche explicitly said “cryptocurrency” or “digital assets.”
Key Takeaways
- Trump claimed officials froze $1 billion in scam-linked funds and prevented $1.6 billion in losses in 2025.
- Trump used “cybercurrency,” while Homeland Security Secretary Markwayne Mullin referred to “digital extortion.”
- The completed event comes amid scrutiny of the president’s family-linked crypto businesses.
Table of Contents
- White House roundtable delivers enforcement claims
- Digital-asset scams and terminology
- Family ventures remain under scrutiny
White House roundtable delivers enforcement claims
At the Wednesday event, Trump said Americans lost more than $20 billion to cybercrime in 2025, citing impersonation schemes, ransomware, scam centers and other methods.
He also said federal officials had prevented $1.6 billion in losses in 2025 following a March executive order, alongside the $1 billion freeze. These were figures presented by the president at the event.
Digital-asset scams and terminology
Homeland Security Secretary Markwayne Mullin referred to “digital extortion.”
FBI findings showed that Americans lost $11 billion in 2025 to scams specifically involving digital assets, including through crypto ATMs. That figure concerns digital-asset scams, rather than the broader cybercrime category Trump discussed.
Family ventures remain under scrutiny
The event took place as Trump and members of his administration face accusations from lawmakers and voters that they used public office to enrich themselves through digital assets.
Among the ventures under scrutiny is the family’s World Liberty Financial. Its USD1 stablecoin was used to settle a $2 billion Binance investment by an entity tied to the United Arab Emirates’ Sheikh Tahnoon bin Zayed Al Nahyan.
Separately, the Official Trump memecoin project is scheduled to hold another tokenholder dinner on November 22. Similar events have drawn accusations from lawmakers and interest groups that they sell access to the presidency.
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