India, May 30 -- The U.S. Department of the Treasury has imposed sanctions on a Philippines-based company that facilitated a major cyber scam, and its administrator.
The Treasury's Office of Foreign Assets Control sanctioned Funnull Technology Inc., which provides computer infrastructure for hundreds of thousands of websites involved in virtual currency investment scams, commonly known as "pig butchering," along with its administrator, Liu Lizhi.
Americans lose billions of dollars annually to these cyber scams, with revenues generated from these crimes rising to record levels in 2024. Funnull has directly facilitated several of these schemes, resulting in more than $200 million in U.S. victim-reported losses, the Tresury said in a press r...