U.S. Treasury Sanctions Funnull Technology Inc. for Romance Scams
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The U.S. Department of the Treasury has sanctioned Funnull Technology Inc., a company based in the Philippines, and its administrator Liu Lizhi for facilitating romance scams. These sanctions were imposed by the Office of Foreign Assets Control (OFAC) due to their role in frauds that resulted in losses of $200 million for American victims. Romance scams often involve fraudsters posing as potential partners to extract money from their victims, frequently in the form of cryptocurrencies.