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The Philippine company Funnull has been sanctioned by the United States for allegedly committing a $200 million encryption scam.
Gate News bot news, the United States has imposed sanctions on a Philippine digital infrastructure provider that is accused of aiding in a large-scale Crypto Assets scam, resulting in losses of over $200 million for American victims.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced on Thursday that it has placed Funnull Technology and its manager Liu Lizhi on the sanctions list due to their association with pig-butchering scams.
Michael Faulkender, the Deputy Secretary of the U.S. Treasury, stated: "Today's action highlights our commitment to combating criminal enterprises like Funnull that fuel these online scams and deprive hard-working Americans of their savings."
According to the U.S. Treasury Department, Funnull has provided the technical infrastructure for hundreds of thousands of scam websites. Many of these sites are related to Crypto Assets scams, particularly targeting Americans with fraudulent investment schemes.
The company purchases IP addresses in bulk from cloud service providers and then sells them to cybercriminals. These criminals use this infrastructure to host scam websites and other malicious content.
Source: Cryptonews