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Home»HACKING NEWS»US sanctions technology companies are related to millions of dollars of encryption fraud.
HACKING NEWS

US sanctions technology companies are related to millions of dollars of encryption fraud.

By Crypto FlexsMay 31, 20253 Mins Read
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US sanctions technology companies are related to millions of dollars of encryption fraud.
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  • Thursday, the US government imposed sanctions on Funnull Technology Inc.
  • The tool provided by Funnull allowed the fraud network to switch the domain and avoid detection.
  • Under sanctions, all US -based assets or interests associated with Funnull or LIU are blocked.

Thursday, the US government imposed sanctions on Funnull Technology Inc and accused the company that it would support a wide range of cryptocurrency frauds that decided to scam more than $ 200 million in US victims.

The Treasury’s Foreign Asset Control Bureau (OFAC) said Funnull, headquartered in the Philippines, provided an important infrastructure for the so -called “pig butcher” fraud.

This system usually seduces the victims to invest in romantic fraudulent cryptocurrency ventures, which often cultivate online relationships.

The agency said, “Funnull is related to most of the virtual currency investment fraud website reported in the FBI.

According to the Treasury, these frauds have an average personal loss of $ 150,000.

Officials pointed out that actual losses could be quite high because many victims do not report crimes.

Michael Faulkender, vice president of today, said, “Today’s action focuses on interfering with criminal companies such as Funnull, enabling these cyber frauds and allowing Americans to deprive difficult savings.

Digital infrastructure for fraud

Funnull’s service includes sales of mass purchase IP addresses and domain generating tools that can be distributed to a new website quickly.

The company also offers a web design template that helps to pretend to be a reliable brand, the Treasury said.

These tools make it easier for a fraudulent network to switch and detect the domain.

“Funnull creates a domain name of the website at the IP address purchased using a domain generation algorithm.

“These services can not only make cyber criminals easier to reliable brands, but also make it possible to quickly change to other domain names and IP addresses when a legitimate provider attempts to stop the website.”

In 2024, Funnull reported that the user changed the developer code repository to redirect the user as a fraud or gambling site on a legitimate website, and some claim that there is a link to the Chinese money laundering network.

Sanctions and its influence

Liu lizhi, identified as Funnull’s administrator, was also approved.

According to the Treasury, LIU managed the operation record, including documents that tracked employee tasks and domain names for fraud related to cryptocurrency fraud, phishing and online gambling.

Under sanctions, all US -based assets or interests associated with Funnull or LIU are blocked.

American and organizations are forbidden to participate in transactions related to sanctions unless OFAC is explicitly approved.

The FBI, which issued a warning about the pig butcher system, repeated that Funnull’s operation supports thousands of fraud sites and continues to risk to US investors.


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