US Gives Green Light to Private Firms to Hack Foreign Crypto Scam Networks
President Donald Trump has signed a memo allowing US companies to hack foreign crypto scam networks. The initiative, which began on August 12, targets groups that have fleeced Americans out of billions last year.
The National Coordination Center, part of the Homeland Security Task Force, will oversee the program. Participating companies must undergo vetting and work only as directed by the government. Targets are foreign criminal groups, not governments.
American consumers reported over $20.8 billion in losses to cyber-enabled crime in 2025. The FBI's 2025 Internet Crime Report recorded over $11.3 billion related to cryptocurrency complaints, with a 21% increase from the previous year.
Former officials are divided on the effectiveness of the program. Cynthia Kaiser said outside help could free up agencies like the FBI and Cyber Command to focus on nation-state threats like China. However, Andrew Schoka warned that 'a bunch of cyber privateers running around without any clear coordination or direction at the federal level' poses a real danger.