US sanctions PH-based firm for crypto scam

The United States ( US ) Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Funnull Technology Inc., a Philippines-based firm, and its Chinese administrator Liu Lizhi, for facilitating massive virtual currency investment scams known as “pig butchering.”

- By BEN ARNOLD DE VERA

These scams have led to over $200 million in losses reported by US victims alone, with an average cost of more than $150,000 per individual scammed, the US Treasury Department said in a May 29 statement.

“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. The US is strongly committed to ensuring the continued growth of a legitimate, safe, and secure digital asset ecosystem, including the use of virtual currencies and similar technologies,” Deputy Secretary of the Treasury Michael Faulkender.