- The U.S. Treasury has issued sanctions against Funnull Technology Inc., a company based in the Philippines, for aiding crypto investment scams known as “pig butchering”
- Investigators say the firm played a central role in helping scammers defraud U.S. citizens out of more than $200 million
- A Chinese national, Liu Lizhi, who allegedly ran Funnull’s operations, has also been named in the action
The U.S. government has blacklisted a Philippine firm it says was enabling pig butchering, one of the most destructive online fraud trends in recent years. Funnull Technology Inc. is accused of providing digital tools and infrastructure that allowed scammers to target Americans with bogus cryptocurrency investment schemes. Alongside the company, its reported administrator, Liu Lizhi, has also been sanctioned, representing further targeting of the Philippines in such matters.
Aiding the Scammers Behind the Scenes
According to the U.S. Treasury’s Office of Foreign Assets Control (OFAC), Funnull was not responsible for scamming people directly, but it played a critical behind-the-scenes role. The firm reportedly bought up internet addresses in bulk from cloud providers and resold them to fraudsters, who then used them to host professional-looking fake investment sites. These websites were designed to mimic legitimate trading platforms and lured victims—often after long online grooming—with promises of high returns.
The company also made it easy for scammers to spin up fresh domains and fake brands at speed, helping them stay one step ahead of takedown efforts. OFAC claims that this technical support allowed the scams to flourish and adapt, frustrating efforts to protect victims.
Assets Frozen and Activities Curtailed
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has now frozen any U.S.-based assets linked to Funnull and Liu. It also barred U.S. individuals or businesses from doing business with them. “Today’s action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings,” said Deputy Treasury Secretary Michael Faulkender in a statement.
Pig butchering scams—named for the way victims are “fattened up” with affection and false promises—have exploded in recent years, often linked to organized crime rings in Southeast Asia. Some reports have even tied these operations to human trafficking, with workers forced to run scams under threat of violence. The Treasury’s action is part of a growing effort to target not just scammers, but the broader digital infrastructure that enables them.
By going after entities like Funnull, authorities hope to cut off the support systems these fraud networks rely on. And for the victims still seeking justice, it’s a small but meaningful step toward accountability.
