US Sanctions Funnull Technology in $200M Crypto Fraud Case
- U.S. sanctions Funnull Technology for involvement in $200M crypto pig butchering scams.
- Sanctions freeze assets, targeting BTC, ETH scam channels.
- Major blow to crypto fraud infrastructure, impacting illicit markets.
U.S. Department of Treasury has sanctioned Philippines-based Funnull Technology for facilitating $200 million in cryptocurrency scams, affecting U.S. victims.
The sanctions impede Funnull’s operations, disrupting cybercriminal networks and safeguarding U.S. investors from further monetary loss.
Funnull Enabled $200M in Crypto Scams Since 2024
The U.S. Treasury sanctioned Philippines-based Funnull Technology for enabling $200 million in cryptocurrency scams since 2024. The firm’s infrastructure was used to support bogus investment platforms targeting U.S. investors. The U.S. Department of Treasury stated that “Funnull has directly facilitated several of these schemes, resulting in over $200 million in U.S. victim-reported losses.”
Liu Lizhi, Funnull’s administrator, was also sanctioned for providing domain names to fraud networks. This action blocks all U.S. transactions with Funnull, effectively freezing its assets.
Sanctions Halt Fraudulent Bitcoin and Ethereum Channels
Sanctions against Funnull aim to dismantle a critical fraud infrastructure, halting the flow of stolen Bitcoin and Ethereum. The move is expected to disrupt organized cybercriminal activities significantly.
Many in the cryptocurrency community support the crackdown on such scams, celebrating regulatory efforts to prevent investor losses and tighten security protocols. For context, the FinCEN’s findings on Huione Group illustrate similar regulatory actions.
Funnull Sanctions Reflect Larger Trend in Crypto Crackdowns
Similar sanctions have been levied against entities like the Huione Group. However, Funnull marks a substantial case, directly targeting infrastructure providers amid growing “pig butchering” scams.
The action is anticipated to reduce fraud prevalence, as depriving scammers of infrastructure raises operational obstacles. Historical patterns suggest a temporary dip in scam activity, with prospects for stricter regulatory measures as indicated by Internet Crime Complaint Center 2025 Data Report.
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