US Treasury Targets $200M Scam Firm 🚨

The U.S. Treasury Department has taken action against a company in the Philippines, Funnull Technology Inc., involved in 'pig butchering' scams that have defrauded U.S. citizens of over $200 million. Each victim reportedly lost around $150,000. The Office of Foreign Assets Control has sanctioned the company and its administrator, Liu Lizhi, for selling IP addresses to scammers who use them to host fraudulent websites. These scams often pose as investment opportunities, creating fake relationships to lure victims. Notably, Funnull has been linked to the largest number of crypto scam sites reported to the FBI. The Treasury emphasized its commitment to protecting a legitimate digital asset ecosystem. 'Pig butchering' scams have been a growing concern, especially with a surge in illegal revenues. They often start as romance scams before pressuring victims into bogus investments. The government warns that these sites use algorithms to create similar domain names, aiding cybercriminals. This action reflects ongoing efforts to eliminate these scams and protect consumers.