US Sanctions Philippine Tech Company Accused of Aiding Cryptocurrency Fraud

According to a report by Jinse Finance, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) stated on May 29 that Funnull Technology is linked to most cryptocurrency scam websites reported to the FBI, with victims' losses exceeding $200 million. According to OFAC, Funnull purchased IP addresses in bulk from cloud service providers and sold them to scammers, allowing them to host and operate cloned versions of legitimate investment platforms, deceiving victims and stealing their cryptocurrencies. OFAC stated that in a 2024 case, Funnell purchased a code library used by web developers and modified the code to redirect visitors of legitimate websites to scam sites and online gambling sites.