Federal authorities freeze $938 million in crypto tied to overseas fraud
President Donald Trump announced that federal authorities have frozen nearly $1 billion in cryptocurrency connected to foreign scam operations. The DOJ's Scam Center Strike Force reported restraining $938,460,156.82 as of October 15, 2026. Officials also said they prevented $1.6 billion in losses, took down 503 fraudulent websites, dismantled 20 scam compounds, and warned more than 10,000 likely victims.
The Scam Center Strike Force began in November 2025, and a March 2026 executive order pushed online fraud prosecutions higher among federal priorities while urging coordination among U.S. Attorneys’ offices. The FBI has reported $11.366 billion in losses linked to crypto for 2025, with investment fraud accounting for a substantial portion.
The restrained sum rose through the year, passing $700 million by April 2026 and $800 million by July. Officials have cited cooperation with Coinbase and Binance, but they have not identified specific tokens, exchanges, or storage locations tied to the frozen assets.
The freeze may reassure crypto users and scam targets that authorities can act before funds disappear, though victims could still face long waits before any money is returned. Banks, exchanges, and payment firms may face added pressure to flag suspicious transfers, while legitimate crypto businesses could see more scrutiny. Families targeted by romance and investment schemes may benefit most from early warnings, but the broader deterrent effect remains uncertain.