US sanctions Philippine tech firm over ‘pig butchering' scams that duped victims of millions
A Philippine tech company has been sanctioned by the United States for allegedly enabling online romance scams known as 'pig butchering', which US authorities say led to more than US$200 million in losses reported by victims linked to the company's infrastructure.
Advertisement
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'.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
7 hours ago
- South China Morning Post
Pakistan's bold bitcoin reserve plan aims to transform energy surplus into tech investment
Following in the footsteps of US President Donald Trump's administration, Pakistan plans to create a sovereign bitcoin reserve powered by unused electricity in a bold bid to monetise its energy oversupply and attract foreign tech investors. Analysts warn that the high-risk strategy could strain Pakistan's fragile power grid, raise red flags with the International Monetary Fund (IMF) and expose Islamabad to cryptocurrency market volatility. However, some argue it could also help diversify the economy and hedge against currency instability, if managed well. The official Pakistan Crypto Council (PCC), set up in February and led by British-Pakistani tech entrepreneur Bilal bin Saqib, will offer 2,000 megawatts of spare power plant capacity to attract foreign bitcoin miners and artificial intelligence data storage centre investors. Its first client is set to be World Liberty Financial (WLF). The stablecoin firm that is majority owned by the Trump Organisation signed a letter of intent with the PCC on April 26 to 'accelerate blockchain innovation, stablecoin adoption and decentralised finance integration across Pakistan'. US Vice-President J.D. Vance delivers the keynote address at The Bitcoin Conference in Las Vegas on May 28. /AFP Their envisioned scope of cooperation includes the launch of 'regulatory sandboxes' for blockchain financial product testing, easing the 'responsible growth' of decentralised finance protocols and exploring the tokenisation of real-world assets like real estate and commodities. They also plan to expand stablecoin applications for remittances and trade – opening up the possibility of Pakistan using WLF's stablecoin USD1, which is issued on Binance's blockchain.
South China Morning Post
11 hours ago
- South China Morning Post
Philippines boosts air power with 12 South Korean FA-50 jets amid South China Sea tensions
Manila's deal to acquire 12 upgraded FA-50 fighter jets from South Korea could significantly strengthen the Philippines ' air defence and power projection in the contested South China Sea – but analysts say the light combat aircraft still fall short of the multirole fighters the country ultimately seeks. The US$700 million contract, signed on Tuesday with Korea Aerospace Industries (KAI), will see the delivery of the aircraft between 2026 and 2030, the state-run Philippine News Agency reported. It marks the second time the Philippines has turned to KAI, having bought 12 FA-50s in 2014. Eleven remain in service after one crashed in March during a mission in the southern Philippines, killing two pilots. The new FA-50 Block 70 jets will come equipped with an Active Electronically Scanned Array radar, aerial refuelling capability and advanced air-to-air and air-to-ground weapons systems, according to KAI. The Philippine Air Force (PAF) currently uses the FA-50 for both air patrol and strike missions. Analysts said the latest order would double the fleet, ease the burden on ageing aircraft and support the air force's modernisation road map. Known as the Flight Plan, the programme prioritises the acquisition of surface attack aircraft to strengthen territorial defence.
South China Morning Post
11 hours ago
- South China Morning Post
What's the future of Hong Kong stablecoins? A cross-border payment tool, insiders say
Stablecoins are poised to become a major cross-border payment tool that would benefit issuers in Hong Kong and mainland Chinese firms expanding overseas, according to industry insiders, as the city and the US push forward regulation of the popular tokens. A stablecoin is a type of cryptocurrency that maintains a fixed value by being pegged to a reference asset, typically fiat currencies such as the US dollar. 'I believe stablecoins will become the next-generation payment system – that is beyond doubt,' Teddy Liu, chief executive of Jingdong Coinlink Technology , a subsidiary of Chinese e-commerce giant , said at an event in Hong Kong on Wednesday. Jingdong Coinlink has emerged as one of the biggest players in Hong Kong's nascent stablecoin space, after the city passed a law last month that establishes a regulatory regime for these tokens. The company, a participant in the city's regulatory sandbox trial, is preparing to launch stablecoins pegged to both the Hong Kong dollar and the US dollar. Depending on Beijing's approval, the firm may also issue offshore yuan-pegged stablecoins in the future, according to Liu. He pointed out that Jingdong Coinlink's goal was to address cross-border settlement problems that businesses face in global trade. 'For cross-border trade, especially among small to medium-sized enterprises, international payments are cumbersome,' Liu said. 'There are problems such as a lack of dedicated services, high costs, low efficiency and lack of transparency.'
