The US Treasury’s Office of Foreign Asset Control sanctioned Funnull Technology Inc. for enabling over $200 million in virtual currency investment scams, more commonly known as “pig butchering.” 

The Philippines-based company reportedly provided computer infrastructure for thousands of websites involved in “pig butchering.” 

US Clamps Down on Cyber Crimes Facilitator

Lawmakers in the United States accused a Philippines-based company, Funnull Technology Inc., of its complacency in numerous schemes by providing cybercriminals with the infrastructure to host fraudulent websites. The move comes as the US cracks down on the infrastructure behind so-called “pig butchering” scams.

According to the Treasury’s announcement, the departments also accused Liu Lizhi, a Chinese national and an administrator at the company. The Treasury said Lizhi kept records that tracked the performance and tasks of company employees, including recording which domain names were assigned to the websites that facilitated crypto fraud and phishing scams.

Per the press release, Funnull directly facilitated numerous cyber schemes which cost Americans over $200 million. 

Michael Faulkender, Deputy Secretary of the Treasury, commented:

“Today’s action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings.”

Adding;

“The United States is strongly committed to ensuring the continued growth of a legitimate, safe, and secure digital asset ecosystem, including the use of virtual currencies and similar technologies.” 

Cybersecurity Advisory to the Private Sector

Amid the growing popularity and adoption of the digital asset industry and its potential risks, governments are increasingly providing more assistance to the private sector to help avoid falling victim to these scams. In that breath, the Treasury announced that the Federal Bureau of Investigation (FBI) had published a cybersecurity advisory with more information on Funnull’s operations. In its advisory, the FBI includes technical details about the IP addresses and computer infrastructure Funnull uses. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice