U.S. Sanctions Funnull Technology for $200M Romance Scams
U.S.SanctionsFunnullTechnologyRomanceScamsCryptocurrencyOFACPhilippinesCybercrimeFinancialFraudTechnologyRegulation
The United States Department of the Treasury, through its Office of Foreign Assets Control (OFAC), has imposed sanctions on Funnull Technology Inc., a company based in the Philippines, and its administrator Liu Lizhi. They are accused of providing the infrastructure necessary to carry out "romance baiting" scams that have resulted in massive losses in cryptocurrencies, estimated at $200 million. The company, based in Taguig, is accused of enabling the operation of thousands of websites involved in these scams.