US Sanctions Philippines’ Funnull Technology Over $200M Crypto Scam

The US Department of the Treasury has taken action against Funnull Technology Inc. for enabling massive pig butchering crypto scams. This move targets the backbone of fraudulent virtual currency investment platforms, aiming to protect Americans from billions in losses.

The US government has taken a major step to fight online financial scams, particularly those involving cryptocurrency. On May 29, 2025, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced strict financial penalties (sanctions) against Funnull Technology Inc.

This Philippines-based company and its administrator, Liu Lizhi, are accused of providing the essential tools and support for a huge number of fake online investment schemes. These widespread frauds, aka pig butchering scams, have already caused Americans to lose billions of dollars, and the government’s action aims to stop these criminals by cutting off their financial lifelines.

Understanding Pig Butchering Scams

Pig butchering refers to a sophisticated type ...