US sanctions Philippines tech firm accused of aiding crypto scams

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Crypto Scams: The Funnull Fiasco! 😂💸

Well, folks, hold onto your wallets! The US Treasury has decided to play the role of the big bad wolf and has sanctioned a tech firm from the Philippines. Why, you ask? Because they’re accused of being the fairy godmothers of crypto scams! 🧙‍♂️✨

Meet Funnull Technology, the company that’s apparently linked to more crypto scams than a magician has rabbits! 🐇🎩 According to the Treasury’s Office of Foreign Assets Control (OFAC), victims have lost over $200 million! That’s a lot of dough for a bunch of digital tricksters!

So, what’s their secret sauce? Funnull buys IP addresses in bulk like they’re on sale at a clearance rack and sells them to scammers. It’s like hosting a party for crooks, where the theme is “Steal All the Crypto!” 🎉💰

In a plot twist worthy of a Hollywood blockbuster, in 2024, Funnull allegedly bought a treasure trove of code and decided to play a little game of “redirect the unsuspecting.” They sent visitors from legit sites straight to scammy ones! Talk about a detour! 🚧

Crypto Scams Image

OFAC chimed in, saying, “These services not only make it easier for cybercriminals to impersonate trusted brands when creating scam websites but also allow them to quickly change to different domain names and IP addresses when legitimate providers attempt to take the websites down.” Sounds like a game of whack-a-mole, doesn’t it? 🎮

Crypto wallets, Funnull admin sanctioned

And let’s not forget about the mastermind behind this operation, Liu Lizhi! This guy is now on the Specially Designated Nationals and Blocked Persons (SDN) list. That’s right, folks! He’s officially on the naughty list! 🎅🚫

Being on the SDN list means his assets in the US are frozen. No more shopping sprees for Liu! And if anyone in the US dares to do business with him, they might just find themselves in hot water. 🔥

OFAC also threw in a couple of wallet addresses associated with Funnull, which, according to blockchain analytics firm Chainalysis, were likely “used to receive payment from cyber criminals.” Because who doesn’t love a good money-laundering scheme? 💵🧼

Crypto Wallets Image

Chainalysis claims Funnull is a key player in a network called the Triad Nexus, which has over 200,000 unique hostnames linked to investment scams and fake trading apps. It’s like a digital crime family! 🕵️‍♂️

As a result of these sanctions, everyone in the US is now forbidden from interacting with anything Funnull-related. So, if you were thinking of investing in a “sure thing,” you might want to think again! 🚫💸

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2025-05-30 05:07