Funnull Technology Accused by US of Supporting Massive Crypto Scam
Date: 2025-05-30 Author: Henry Casey Categories: BUSINESS
The US Treasury Department has filed charges against a Philippine company, Funnull Technology, alleging its key role in supporting cryptocurrency scams known as “pig butchering.” The essence of these fraudulent schemes is that criminals, posing as potential romantic or financial partners, gain the trust of victims and then convince them to invest in non-existent crypto projects.
According to the Treasury Department, Funnull played a major technical role in the scheme: it purchased IP addresses from international cloud providers, registered domain names, and provided criminals with design templates for creating fake investment platforms. This allowed the scammers to quickly launch dozens or even hundreds of fraudulent sites masquerading as real cryptocurrency services.
Funnull is also accused of being involved in redirecting internet traffic from legitimate crypto company websites to fake resources, including phishing pages and even platforms associated with online casinos. Some of these sites, according to the Treasury Department, may have been controlled by Chinese money laundering groups.
As a result of the Funnull-related network, American investors lost more than $200 million in total. The average loss per victim exceeded $150,000, which highlights the scale of the fraud.
Earlier, the US Treasury Department imposed sanctions on eight crypto wallets that were linked to the financial flows of the Ansarallah organization, a Yemeni political and military movement known for its ties to the Houthis. It is clear that Washington is stepping up the fight against international financial structures involved in cryptocurrency fraud and the financing of criminal activities.
