TechFlow news, May 30 — According to Decrypt, the U.S. Department of Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Philippine-based tech company Funnull Technology and its administrator Liu Lizhi. The company is accused of providing infrastructure support for cryptocurrency scams such as "pig-butchering" frauds, resulting in over $200 million in losses to U.S. investors.
Funnull Technology reportedly provided services to investment scams, phishing websites, and online gambling sites by purchasing IP addresses from global cloud service providers and reselling them to scammers. A Federal Bureau of Investigation (FBI) report indicated that Funnull was linked to most virtual currency investment scam websites, with victims losing an average of over $150,000 each.
The sanctions will freeze all assets of Funnull Technology and Liu Lizhi within the United States and prohibit any U.S. individuals or businesses from engaging in commercial transactions with them.
