The US Treasury has punished a Philippine-based technology company and its alleged overseer, accusing it of providing services on thousands of crypto scam websites.
Funnull’s technology is linked to Most crypto scam websites Reported to the FBI, with losses to victims of over $ 200 million, the Treasury’s Office of Foreign Assets Control (OFAC) Says on May 29.
Funnulls bought IP addresses that are plural from cloud service providers and sell them to scammers, allowing them to dost and run clons of legitimate investment platform, to deceptive victims and stole their cryptoAccording to OFAC.
At one time in 2024, OFAC said Funnell bought a code storage used by web developers and changed the code to redirect visitors of legitimate websites to Scam websites and online gambling sites.
“These services not only make it easier for cybercriminals to indicate trusted brands when creating scam websites but also allow them to quickly change the different domain names and IP addresses when legitimate providers attempted to overthrow websites,” said OFAC.
Crypto Wallets, Funnull Admin has been punished
Funnull’s accused administrator, Liu Lizhi – a Chinese national who is in charge of company employees – is also added to the specially designated NATIONALITY OFAC and the list of people (SDN) as part of the penalties.
Normally, being On the SDN list means that any individual’s ownership in the US is frozen, and illegal for people in the US to conduct any financial transactions or have a business deal with them; Breaks may face civil and criminals.
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OFAC also permits Two wallet addresses It said to be associated with Funnull, which is the blockchain analytics firm chainalysis Says In a May 29 report it is likely “used to receive payment from cyber criminals.”
“In addition, addresses show indirect exposure to different types of scams and vendors of domain management infrastructure,” Chainalysis said.
Chainalysis claimed that Funnell was a middle player on a network known as Triad Nexus, which included more than 200,000 unique hostnames associated with investment scams and fake trading apps.
As a result of the penalties, all the people in the The US is now prohibited from contact Of all the interests of the ownership and business where Lizhi and Funnull have more than 50% stakes, with violators who are likely to face civil or criminal penalties.
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