US Sanctions Filipino Firm Over Crypto Scams

U.S. Sanctions Filipino Tech Firm for Crypto Scam Involvement

• The U.S. Treasury sanctioned Funnull Technology Inc. and its administrator, Liu Lizhi.
• Funnull is accused of facilitating cryptocurrency scams defrauding Americans of over $200 million.
• The company provided infrastructure for scams involving IP address resales, phishing, and code injection.
• Victims reported average losses exceeding $150,000 per individual.
• Sanctions freeze all U.S.-based assets of Funnull and Liu Lizhi and prohibit U.S. business interactions with them.

The U.S. Treasury’s action against Funnull Technology Inc. highlights efforts to disrupt cyber scams that have resulted in over $200 million in losses for American victims, with sanctions freezing the company’s U.S.-based assets.