Crypto Crackdown: US Sanctions Philippines Firm in $11B Scam Network.

In a decisive move against the burgeoning crypto fraud landscape, the U.S. Treasury has sanctioned Funnull Technology Inc., a Philippines-based company allegedly at the heart of a vast "pig butchering" scam network. These scams, characterized by their deceptive investment schemes, have reportedly defrauded victims worldwide of billions.

Funnull is accused of bulk-purchasing internet protocol addresses and reselling them to cybercriminals who operated fraudulent cryptocurrency websites. These platforms lured unsuspecting investors with promises of high returns, only to vanish with their funds. The U.S. Treasury's action also targets Liu Lizhi, a Chinese national and alleged administrator of Funnull, for his role in facilitating these operations.

The scale of these scams is staggering. Cybersecurity firms like Silent Push and blockchain analytics company Chainalysis have linked Funnull to numerous scam, gambling, and money laundering websites. The rise of generative algorithms has further enhanced scammers’ ability to target victims, contributing to record-high revenues from such activities.

This crackdown underscores the growing collaboration between international authorities to combat crypto-related crimes. The Philippines Securities and Exchange Commission has previously partnered with its U.S. counterpart and the Asian Development Bank to strengthen enforcement against such frauds.

As the digital asset landscape evolves, so does the sophistication of fraudulent schemes. This latest sanction serves as a stark reminder of the risks lurking in the crypto world and the imperative for robust international cooperation to safeguard investors.

#CryptoCrackdown #PigButcheringScam #FunnullSanctions #CryptoFraudAlert #GlobalCryptoCrime