The United States sanctions a Philippine tech company suspected of assisting cryptocurrency fraud

ChainCatcher News, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) stated on May 29 that Funnull Technology is linked to most cryptocurrency scam websites reported to the FBI, with victims' losses exceeding $200 million.

According to OFAC, Funnull purchased IP addresses in bulk from cloud service providers and sold them to scammers, allowing them to host and operate clone versions of legitimate investment platforms, deceiving victims and stealing their cryptocurrency.

OFAC stated that in a 2024 case, Funnull purchased a code repository used by web developers and modified the code to redirect visitors of legitimate websites to scam sites and online gambling sites.