How US Sanctions Against Funnull Technology Aim to Tackle Crypto Scams

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US sanctions Philippines tech firm accused of aiding crypto scams

US Sanctions Target Crypto Scams in the Philippines

The ongoing battle against cryptocurrency fraud recently escalated as the U.S. Treasury sanctioned Funnull Technology, a technology firm based in the Philippines, for its alleged role in facilitating numerous crypto scams estimated to have victimized individuals for over $200 million. The Office of Foreign Assets Control (OFAC) has linked Funnull to many fraudulent websites reported to the FBI.

According to OFAC, Funnull is accused of bulk purchasing IP addresses, providing a crucial service to scammers seeking to host fraudulent versions of legitimate investment platforms. This allows scammers to use cloned sites to trick unwitting individuals into handing over their cryptocurrencies, paving the way for significant financial losses.

How Funnull Works: The Modus Operandi

In a particularly bold move noted by OFAC, Funnull allegedly purchased a code repository used by web developers. They modified this code to redirect visitors from genuine websites to scam sites. This practice not only enhances the operational capabilities of fraudsters but also allows them to evade detection effectively.

OFAC's sanctions also extend to Liu Lizhi, an identified administrator of Funnull. Being designated as a Specially Designated National means Liu's U.S.-based assets are frozen, and it becomes illegal for U.S. entities to engage in financial transactions with him.

A Broader Look at Crypto Scams

This trend highlights an alarming facet of the cryptocurrency realm, where the lack of regulation makes it ripe for exploitation. The U.S. government's actions against Funnull aim not just to cripple one firm's operations but serve as a deterrent to others in the space. As the crypto market continues expanding, the need for vigilance against such fraudulent enterprises becomes increasingly pressing.

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