U.S. Treasury Sanctions Philippine-Based Company for $200 Million Crypto Scam
CybercrimeCybersecurityGovernmentCensyscryptocrypto crimeDepartment of TreasuryFBIFederal Bureau of Investigation (FBI)pig butcheringRecorded FuturescamTreasury Department
The U.S. Department of the Treasury has sanctioned Funnull, a company based in the Philippines, for facilitating a cryptocurrency scam that allegedly stole $200 million from American victims. According to the FBI, Funnull operated a vast cybercrime platform comprising more than 332,000 domains. This operation is linked to a fraud technique known as "pig butchering," where victims are encouraged to invest increasing amounts of money into fraudulent platforms.