The US Treasury has announced sanctions against Funnull Technology Inc., a Philippines-based company believed to be facilitating a series of virtual currency investment scams known as “pig butchering”. The Treasury claims Funnull provided internet infrastructure services to cybercriminals orchestrating these scams, which have grown into a billion-dollar industry. Alongside the company, an alleged administrator, Liu Lizhi, has also been targeted by the sanctions. The actions arise amid rising concerns over fraudulent cryptocurrency schemes that have been affecting global investors.
Key Points
- The US government has imposed sanctions on Funnull Technology Inc. for supporting virtual currency scams.
- These scams, known as “pig butchering”, have targeted a global audience, leading to significant financial losses.
- Funnull allegedly resold internet protocol addresses to cybercriminals, facilitating their fraudulent activities.
- Chinese national Liu Lizhi, identified as an administrator, is also under sanctions.
- Cybersecurity firms have linked Funnull to numerous bogus cryptocurrency and gambling sites.
Why should I read this?
If you’re interested in the ongoing battle against cybercrime and the government’s efforts to tackle fraudulent activities related to cryptocurrencies, this article is a must-read. It highlights the serious implications of these scams on both local and global economies and underscores the importance of regulatory measures in the digital age. Don’t miss out on understanding how these changes could impact future online investments!