U.S. Sanctions Philippines Firm Tied to $200M Crypto Scam
The U.S. Treasury Department has taken action against a company in the Philippines called Funnull Technology and its boss, Liu Lizhi, because they have been helping cryptocurrency scams. On May 29, 2025, the Treasury’s Office of Foreign Assets Control (OFAC) said Funnull is connected to many scam websites that the FBI knows about, and these scams have cost people over $200 million.
The company implements its scams by buying many IP addresses from big tech companies and then selling them to criminals. The scammers use these addresses to create fake websites that look like real investment platforms. The US Treasury Department has stated that the company does it in such a manner that people get tricked into its scams by thinking they are…
