US sanctions Philippine tech firm over ‘pig butchering' scams that took US$200 million
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Funnull Technology Inc, a content delivery network provider based in Metro Manila's upscale Bonifacio Global City (BGC) district, was sanctioned last week by the US Treasury Department, along with Chinese national Liu Lizhi, described as one of its administrators.
According to the department, Funnull's infrastructure supported more than 332,000 domain names linked to websites masquerading as legitimate cryptocurrency investment platforms. These platforms were part of a global network of online scams that 'systematically targeted and exploited vulnerable individuals', US officials said.
On average, victims lost more than US$150,000 each, the treasury said.
Pig butchering scams typically involve trafficked workers assuming fake identities to lure victims into online relationships. Photo: Handout
Tammy Bruce, spokeswoman for the US State Department, said the US 'will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes'.
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