U.S. Cracks Down on Manila-Based Firm for Fueling $200M Crypto Fraud Schemes
Another day, another crypto scandal—this time with a Southeast Asian twist. The U.S. Treasury just blacklisted a Philippine tech company accused of laundering funds for pig-butchering scams and fake exchange platforms. Their alleged cut? A cool $200 million siphoned from hopeful—and now broke—investors.
How it worked: The firm provided ’bulletproof’ hosting services, letting fraudsters bypass KYC checks and spin up sham trading sites. Classic infrastructure-as-a-service—except for crime.
Why it matters: While regulators play whack-a-mole with offshore enablers, the crypto ecosystem keeps proving that anonymity cuts both ways. Maybe next time, victims will remember: if a yield sounds too good to be true, it’s probably funding someone’s yacht in Manila.
