U.S. Government Sanctions Tech Company Behind Massive Crypto Scams
The U.S. Treasury Department has taken decisive action against Funnull, a Philippines-based tech company accused of facilitating sophisticated “pig butchering” cryptocurrency scams that have defrauded American victims of over $200 million.
Key Details of the Sanctions
- Announced by: Treasury’s Office of Foreign Assets Control (OFAC)
- Primary accusation: Providing infrastructure for cybercriminals
- Average victim loss: $150,000 per case
- Estimated total losses: Likely higher due to underreporting
How Funnull Enabled Cybercrime
According to Treasury officials, Funnull operated as a critical enabler for financial scams by:
- Generating domain names for fraudulent websites
- Providing web design templates to scammers
- Maintaining IP addresses for criminal operations
- Facilitating rapid domain changes to evade detection
“These services allow cybercriminals to impersonate trusted brands and quickly shift operations when legitimate providers attempt takedowns,” the Treasury stated in its official announcement.
The Pig Butchering Scam Explained
This increasingly common fraud scheme involves:
- Criminals establishing fake romantic relationships online
- Gaining victims’ trust over time
- Convincing targets to “invest” in nonexistent crypto projects
- Disappearing with the funds
The FBI has issued a detailed alert about these sophisticated operations.
Connection to Polyfill Supply Chain Attack
Research reveals Funnull’s involvement in:
- Purchasing a repository of widely-used web development code
- Maliciously altering the Polyfill code
- Redirecting visitors from legitimate sites to:
- Scam websites
- Online gambling platforms
- Chinese money laundering operations
Cybersecurity firm Silent Push had previously linked Funnull to these activities in 2024.
Expert Reactions
Zach Edwards, a Silent Push researcher, commented:
“While we’re encouraged by Treasury’s action against this major pig butchering network, this represents just the tip of the iceberg. Chinese-based financial schemes targeting Americans remain a significant threat that requires continued attention.”
Edwards emphasized that “doxing the companies and individuals behind these operations is a crucial first step in holding global threat actors accountable.”
Company Leadership
The sanctions also target:
- Company: Funnull (Philippines-based)
- Principal: Liu Lizhi (Chinese national)
Reporting Fraud
For those with additional information about Funnull or similar operations, secure contact methods are available through TechCrunch’s investigative team.
Note: All factual information has been preserved from original sources while enhancing clarity and organization.
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