US Sanctions Filipino Tech Company for Aiding $200M in Crypto Scams
The U.S. Treasury has sanctioned Funnull Technology Inc., a Philippine-based tech company, and its administrator Liu Lizhi for facilitating cryptocurrency scams that defrauded Americans of over $200 million. Funnull provided infrastructure for cybercriminals to host fraudulent websites and tracked employee activities related to these scams. The company purchased IP addresses from global cloud providers, reselling them to scammers for investment fraud, phishing, and online gambling schemes. Victims reported average losses exceeding $150,000, with many not reporting their losses. The sanctions freeze U.S. assets of Funnull and Liu, prohibiting U.S. individuals and businesses from engaging with them. This action is part of ongoing efforts by the Treasury’s Office of Foreign Assets Control to combat financial cybercrimes.
