US Sanctions Filipino Tech Company for Aiding $200M in Crypto Scams

In an action that targets the infrastructure behind the so -called “Pork butcher“, The American Treasury has sanctioned the Philippine Technology Company and its administrator to help the scrape of cryptocurrencies that have deceived the Americans more than $ 200 million.

MPs on Thursday defendant Funnull Technology Inc. About the facilitating several of these schemes by providing cyber -criminal infrastructure to host fake websites.

The Ministry of Finance also said that Liu Lizhi, Chinese national and administrator Funnull technology, waged records that followed the performance and the tasks of entertainment employees, including the award of the name of the domain used in the fraud of cryptocurrencies and Phishing Scheme.

“Today’s action emphasizes our focus on the distracting of criminal companies, such as Funnull, which allow these cyber fraudsters and deprived of Americans from their hard-earned savings,” Michael Faulkender’s deputy secretary deputy secretary said.

The fraud did not stop at the deception of consumers. The Cyber-Kriminalians allegedly also used Funnull’s technology to target legitimate websites by injecting a malicious code that diverted users who do not doubt false websites.

The company allegedly purchased IP addresses from global cloud providers and resold them with fraudsters, which would then begin the website for deception of investment, phishing and internet gambling.

“Funnull is associated with most websites for the virtual currency of reported FBIs,” the Ministry of Finance said. “The victims of these websites with headquarters in the US have reported more than $ 200 million losses, with an average loss of over $ 150,000 per individual.”

Treasury officials said the amount of losses was probably higher, but they noticed that many fraud victims did not report the crime.

Pig Fraud – Called for Practice Tove pigs before slaughter – usually starting on social media or Dating appswhere fraudsters build confidence over time with the goal before they hit. The fraud then persuades the victim or sending digital assets at the expense of the fraudster or connecting their wallets cryptocurrencies to the false crypto platforms on which fraudsters dry their means.

Sanctions freeze all property based in the US belonging to Funnull Technology Inc. and Liu Lizhi. They also forbid individuals and companies based in the US that they do any job with entities that have fun or lizhzi with 50 percent or more stakes.

The Ministry of Finance and Ofac did not immediately respond to the commenting requests Decipher.

Sanctions against Funnull are the last in a series of treasuries of the Treasury Office for the control of foreign assets aiming for infrastructure behind the financial cyber -criminals.

In October, OFAC has sanctioned the union based in Russian Cyber ​​Crime Evil Corpsaccusing the organization of orchestrating financial thefts and attacks on Ransomware. In March, OFAC sanctioned Behrouz Parsarada, which operated a dark web platform Nemeza.

According to OFAC, Parsarad reduced any transaction on the platform, which was used to facilitate the sale of narcotics worth millions of dollars. In April, the Ministry of Finance sanctioned throne banknotes associated with Iran Houthi Rebels.

Edited James Rubin