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Monday, Jun 02, 2025
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US Treasury Sanctions Philippine Firm Linked to Cybercrime
Funnull Technology Inc. accused of facilitating virtual currency scams with significant losses reported.
The United States Department of Treasury has imposed sanctions on Funnull Technology Inc., a technology company based in the Philippines, for its alleged role as a facilitator of cyber scams.
According to the Treasury's announcement, Funnull Technology Inc. provides essential computer infrastructure to numerous websites that are implicated in virtual currency investment schemes, commonly referred to as "pig butchering."
Funnull is reported to enable these cyber scams by acquiring Internet Protocol (IP) addresses in bulk from prominent cloud service providers around the globe.
These IP addresses are then sold to cybercriminals for use in hosting scam platforms and other malicious online content.
The Treasury statement indicated that American citizens lose billions of dollars each year to such cyber scams, with estimates suggesting that revenues from these illicit activities reached unprecedented levels in 2024. It is stated that Funnull has been directly linked to multiple investment fraud schemes, contributing to financial losses exceeding $200 million as reported by victims in the United States.
Additionally, Liu Lizhi, identified as the administrator of Funnull and a Chinese national, has also been sanctioned by the US. The Treasury's communication detailed that Liu was in possession of documentation that included spreadsheets containing information on Funnull’s employees, their performance metrics, and their responsibilities related to cybercrime activities.
These tasks included the allocation of domain names to cybercriminals, which were used for various scams, including virtual currency fraud, phishing attempts, and online gambling sites.
As a consequence of these sanctions, all assets and interests belonging to Funnull and other designated individuals or entities located within the United States or controlled by US persons are now blocked and must be reported to the Office of Foreign Assets Control (OFAC) of the US Treasury.
The Treasury’s regulations generally prohibit any transactions by US persons within the United States that involve property or interests associated with blocked persons, unless specifically licensed or exempted by OFAC.
Funnull Technology Inc. has four Filipino directors and officers according to its filings with the Securities and Exchange Commission of the Philippines.
The company was established in September 2021, with a stated aim of engaging in the information technology sector, both directly and indirectly.
According to the Treasury's announcement, Funnull Technology Inc. provides essential computer infrastructure to numerous websites that are implicated in virtual currency investment schemes, commonly referred to as "pig butchering."
Funnull is reported to enable these cyber scams by acquiring Internet Protocol (IP) addresses in bulk from prominent cloud service providers around the globe.
These IP addresses are then sold to cybercriminals for use in hosting scam platforms and other malicious online content.
The Treasury statement indicated that American citizens lose billions of dollars each year to such cyber scams, with estimates suggesting that revenues from these illicit activities reached unprecedented levels in 2024. It is stated that Funnull has been directly linked to multiple investment fraud schemes, contributing to financial losses exceeding $200 million as reported by victims in the United States.
Additionally, Liu Lizhi, identified as the administrator of Funnull and a Chinese national, has also been sanctioned by the US. The Treasury's communication detailed that Liu was in possession of documentation that included spreadsheets containing information on Funnull’s employees, their performance metrics, and their responsibilities related to cybercrime activities.
These tasks included the allocation of domain names to cybercriminals, which were used for various scams, including virtual currency fraud, phishing attempts, and online gambling sites.
As a consequence of these sanctions, all assets and interests belonging to Funnull and other designated individuals or entities located within the United States or controlled by US persons are now blocked and must be reported to the Office of Foreign Assets Control (OFAC) of the US Treasury.
The Treasury’s regulations generally prohibit any transactions by US persons within the United States that involve property or interests associated with blocked persons, unless specifically licensed or exempted by OFAC.
Funnull Technology Inc. has four Filipino directors and officers according to its filings with the Securities and Exchange Commission of the Philippines.
The company was established in September 2021, with a stated aim of engaging in the information technology sector, both directly and indirectly.
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