US government sanctions Philippines firm over massive crypto scam infrastructure

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Crypto Scams: The New Romance Novel Everyone’s Talking About! 💔💰

Ah, the U.S. Treasury Department, ever the vigilant guardian of our wallets, has decided to play the role of the stern parent this Thursday by sanctioning Funnull Technology Inc. — a charming little firm from the Philippines that has allegedly been the mastermind behind a sprawling cyber fraud network. Who knew that romance could be so… costly? 😏

Funnull, darling, is accused of providing the technical infrastructure for a veritable cornucopia of websites linked to those delightful “pig butchering” scams. Yes, you heard it right! These are the complex social engineering schemes where fraudsters, masquerading as your next romantic interest or financial guru, coax unsuspecting victims into investing in fake crypto ventures. It’s like a bad date, but with a much larger price tag! 💔

U.S. victims have reported losses exceeding a staggering $200 million associated with Funnull-linked sites, with the average individual loss being over $150,000. One can only imagine the dinner dates that could have funded instead! And let’s not forget the illustrious administrator, Liu Lizhi, a Chinese national who has also found himself on the Treasury’s naughty list. 🎭

The sanctions, issued by the Treasury’s Office of Foreign Assets Control under Executive Orders 13694 and 14144, were coordinated with the FBI. Yes, the FBI is getting involved, releasing a cybersecurity advisory to help private-sector partners identify and dismantle these charming little scams. Because nothing says “I care” like a government advisory! 🕵️‍♂️

Crypto Scamming and Phishing: A Match Made in Heaven! 🎣

According to Treasury officials, Funnull has been quite the entrepreneur, purchasing IP addresses in bulk from cloud service providers and reselling them to scammers hosting their delightful fake investment platforms and phishing sites. They even used domain generation algorithms to mass-produce web addresses, providing design templates that would make any cybercriminal swoon! 💻

In 2024, Funnull reportedly had the audacity to tamper with a code repository used by developers, secretly rerouting web traffic from legitimate sites to scams and gambling platforms. Some of these, mind you, are linked to Chinese money laundering operations. Talk about a plot twist! 🎲

Liu Lizhi, the alleged mastermind behind Funnull, managed operations with the finesse of a seasoned conductor, overseeing staff who assigned domains to scammers and maintained the infrastructure supporting fraud, phishing, and illicit gambling. Bravo, Liu! 👏

The Treasury’s action follows a September 2023 alert by its Financial Crimes Enforcement Network, warning of pig butchering scams and their ties to Southeast Asian crime groups exploiting victims of labor trafficking to carry out their nefarious deeds. Because why not add a touch of drama to the already scandalous world of cybercrime? 🎭

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2025-05-29 20:20