US Treasury Sanctions Filipino Tech Firm for Enabling Crypto Scams

The US Treasury's Office of Foreign Asset Control has imposed sanctions on Funnull Technology Inc., a Philippines-based company, for its role in facilitating over $200 million in cryptocurrency investment scams. These scams, commonly referred to as "pig butchering," involved fraudulent websites hosted by Funnull's infrastructure.

Liu Lizhi, a Chinese national and administrator at Funnull, was also implicated. Records show Lizhi tracked employee tasks and assigned domain names to websites used for crypto fraud and phishing. The Treasury's action highlights a broader crackdown on cybercrime infrastructure.

Deputy Secretary Michael Faulkender emphasized the government's commitment to disrupting criminal enterprises that target Americans' savings. The MOVE signals increased regulatory scrutiny on entities enabling crypto-related fraud.