Targeting A Major Backer Of Virtual Currency Investment Scams
Tammy Bruce, Department Spokesperson
May 29, 2025
The United States is imposing sanctions on Funnull Technology Inc., a Philippines-based company that provides the critical computer infrastructure for virtual currency investment scams, and its administrator Liu Lizhi, a Chinese national. Fraudulent virtual currency investment scams cause serious financial harm to the American people. Today's targets are directly connected to over $200 million in losses reported by U.S. victims, with an average cost of over $150,000 per individual.
The United States will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes. We will continue to pursue cybercriminals who abuse the U.S. financial sector.
The Department of the Treasury's sanctions actions were taken pursuant to Executive Order (E.O.) 13694, as amended by E.O. 14114.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scoop
2 hours ago
- Scoop
Poor Countries Set To Pay $22billion For China Debt
Article – RNZ New research from the Lowy Institute shows the world's poorest countries will make record high debt repayments to China this year. , RNZ Pacific Senior Journalist New research from the Lowy Institute shows the world's poorest countries will make record high debt repayments to China this year. The research, released last month, showed China is set to call in US$22 billion for debts from 75 countries assessed by the World Bank as the world's poorest and most vulnerable in 2025. Ten Pacific nations were on the list. China's foreign ministry, meanwhile, denies Beijing is responsible for developing debt. Lowy research author Riley Duke said China had shifted from lead bilateral banker to chief debt collector for the developing world. 'Because of the large amount of lending that China did in the mid-2010s, and the way it structured its loans through its Belt-and-Road initiative, this year, it is seeing a huge spike in repayments,' he said. For Pacific countries that had borrowed from China, Duke said repayment strain was already an issue. He identified Tonga, Samoa and Vanuatu as being at higher risk due to respective loans. In Tonga, the impact of Chinese loans had been a 'big political issue' this year. Duke anticipated that about 15 percent of the government's revenue over the next few years would be devoted to debt repayments. 'Last year, Tonga spent more on its debt repayments than it did on health for its citizens,' he said. 'And so when we look at the….forward outlook, there are more challenges on the horizon. There are key development issues across the Pacific that countries and their governments and their people want to be dealing with. 'But instead, these debt burdens are there and they're persistent. 'Again, just to focus on Tonga…. [it] ran five successful budget surpluses in the lead-up to having a big wave of Chinese debt repayments coming in. 'But then it faced huge economic costs from the pandemic, from the earthquake, from cyclones, and so that wiped out all the money that [the government] had put aside.' Duke believed the amount of China's lending into the region was less than a quarter of the level it was in the mid-2010s. 'I'd be surprised to see any new large loans from China in the region, and I think related to that is the broader topic of whether Pacific countries should take on lots of debt. 'Pacific countries have large financing gaps. There's a lot of infrastructure that needs to be built, and sometimes loans are the best way to do that, and ultimately that just comes back to the quality of the project. 'People are a bit afraid of debt, and I think it's a bit…of a dirty word, but if a loan is taken out to finance a project that is good for economic growth, good for a Pacific country [because] it drives connectivity [and] it drives the economy, then it's a good loan, and it's good debt to take on, and it will pay itself back.' He said there had also been a shift in how China engaged with the region. 'China's main form of engagement with the Pacific 15 years ago was lending. I think 80 percent of all of China's development financing to the region was in the form of loans, and that's fallen off dramatically since around 2018.' That shift was due to a range of factors, including increased financing options for Pacific governments, Duke said. 'In 2010, China might have been the only partner offering large-scale infrastructure financing. 'Australia is now offering more financing in that space. The World Bank is offering more financing in that space; there's climate funds that are also offering adaptation projects and adaptation infrastructure. 'So there are more options on the table for Pacific countries than there was previously. And I think that is part of the reason that China's lending has declined.' China's foreign ministry denied Beijing was responsible for developing debt. 'China's cooperation on investment and financing with developing countries follows international practice, market principles, and the principle of debt sustainability,' spokesperson Mao Ning said. 'A handful of countries are spreading the narrative that China is responsible for these countries' debt. 'However, they ignore the fact that multilateral financial institutions and commercial creditors from developed countries are the main creditors of developing countries, and the primary source of debt repayment pressure. 'Lies cannot cover truth and people can tell right from wrong.'
Scoop
2 hours ago
- Scoop
Urgent Reform Needed To Address Mental Health Crisis In NZ Construction
Press Release – The Professional Builder Marti Amos says as part of a move to improve financial management in the sector he has now authored a book, The Profitable Builders Playbook, which is aimed at equipping builders with the business acumen needed to navigate these challenges. More needs to be done to address the high rates of suicide in the construction industry, according to the head of one of the world's largest mentoring services for the sector. Recent research shows New Zealand's construction sector is facing a mental health crisis, with suicide rates 25% higher than other sectors and Māori, Pasifika, female, migrant workers, apprentices and labourers among those at higher risk. This is due to a number of factors including financial instability, low pay and lack of mental health support. [1] Marti Amos (Ngāpuhi), a former marketing lecturer at Otago University and the New Zealand-based head of The Professional Builder, says these issues are amplified by the industry's boom-and-bust cycle, cost-of-living crisis and a training model that prioritises trade skills over business acumen. [2] 'Kiwi tradespeople are trained to excel on-site, they are underprepared to manage the multimilliondollar business aspects of their work, with dire consequences for their mental wellbeing. 'Our construction workers account for about 7% of workingage male suicides – with nearly one worker losing his life to suicide each week and the avoidable burden and impact of suicide in the NZ construction industry has been estimated at $1.1 billion per annum,' he says. Amos, whose coaching service has supported over 2,500 building companies worldwide over the past 21 years, says the growing mental health crisis among Kiwi builders requires a radical overhaul of the country's traditional construction model – with greater emphasis on financial literacy a priority. 'The New Zealand building industry is seeing its lowest levels of annual growth over a decade with a rate of just 0.6% in the second quarter of 2024 – a factor that is likely to exacerbate mental health concerns for many in the trade. 'Kiwi builders have been taught how to create outstanding projects, they're brilliant with the tools – but no one has taught them how to build a great business. 'In New Zealand and Australia, builders often employ their own teams and handle every aspect of a project themselves. This contrasts sharply with the U.S. model, where general contractors delegate tasks – reducing the burden on the individual,' he says. Amos says his concerns extend beyond the daily operational stresses that plague many builders. He says that without a proper understanding of financial management, many are left grappling with severe cashflow challenges, working long hours and sacrificing their personal lives – a situation that has, in many cases, led to overwhelming stress and deteriorating mental health. 'When you're constantly worrying about how to pay your subcontractors or secure payroll for the next week, it isn't just your business that suffers – it's your whole life,' he says. Amos says demand for targeted support from builders around the world is growing rapidly and his service, The Professional Builder (TPB), which started with a team of three people in 2004, has expanded to 56 and is projected to reach 100 employees within the next 18 months. Company revenue is also projected to double to $30 million within the same timeframe. He says TPB operates in five main countries: the US, Canada, the UK, New Zealand and their fastest growing market – Australia. The company has launched an expansion programme to grow the US market, with plans to increase their physical presence there and establish partnerships with hardware wholesalers, similar to their relationships with Carters, ITM and Mitre 10 in New Zealand. Amos says as part of a move to improve financial management in the sector he has now authored a book, The Profitable Builders Playbook, which is aimed at equipping builders with the business acumen needed to navigate these challenges. 'At the moment they're stuck on the builder's 'hamster wheel', caught in the weeds of daily operations without the skills to manage the large sums of money and complex challenges that come with running a construction company. 'What we need is to implement business training into apprenticeship programmes to ensure that our future generations of builders are as adept at managing large-scale financial responsibilities as they are at delivering quality craftsmanship. 'With a vital sector at risk and the mental health of thousands hanging in the balance, my message is clear: reform is essential. 'As New Zealand's construction industry stands at a crossroads, stakeholders must adopt a more balanced training model – one that nurtures not only technical excellence but also financial literacy and sustainable business practices. 'This call for change is more than an economic imperative; it is a matter of safeguarding the well-being of those who build our nation,' he says. More information on The Profitable Builders Playbook is available here [1] BRANZ. (2024). Workplace psychosocial stressors in the construction industry. Retrieved from here. [2] BRANZ. (2024). Workplace psychosocial stressors in the construction industry. Retrieved from here. Marti Amos Marti Amos (Ngāpuhi) is a business strategist, entrepreneur, and global mentor who has helped over 2,500 building company owners scale their businesses and achieve financial independence. As the founder of The Professional Builder (TPB), he has built a team of 56 professionals operating across New Zealand, Australia, Canada, the UK, the US, and Puerto Rico, delivering business growth strategies for the construction sector. Born and raised in Stewart Island, Marti studied commerce at Otago University, where he pursued PhD research on branding. He lectured in Marketing and MBA programs, examined MCom theses, and worked as a Māori students' tutor and thesis officer in Otago's Commerce Division. As a Mannaki Scholarship recipient, he was also awarded the Otago University Postgraduate Māori Scholarship in 1998. Beyond academia, Marti has built eight businesses across wholesale, insurance, mortgage banking, cleaning, and coaching. As founder of Action Coach New Zealand, he ranked NZ's #1 business coach and #2 globally out of 1,250 coaches worldwide. His expertise in business scaling and financial strategy led him to develop TPB, which helps construction business owners increase profitability and efficiency through structured business systems and mentorship. His insights on business growth and financial resilience will be shared in his upcoming book, launching in May 2025.
Scoop
3 hours ago
- Scoop
Poor Countries Set To Pay $22billion For China Debt
Article – RNZ New research from the Lowy Institute shows the world's poorest countries will make record high debt repayments to China this year. , RNZ Pacific Senior Journalist New research from the Lowy Institute shows the world's poorest countries will make record high debt repayments to China this year. The research, released last month, showed China is set to call in US$22 billion for debts from 75 countries assessed by the World Bank as the world's poorest and most vulnerable in 2025. Ten Pacific nations were on the list. China's foreign ministry, meanwhile, denies Beijing is responsible for developing debt. Lowy research author Riley Duke said China had shifted from lead bilateral banker to chief debt collector for the developing world. 'Because of the large amount of lending that China did in the mid-2010s, and the way it structured its loans through its Belt-and-Road initiative, this year, it is seeing a huge spike in repayments,' he said. For Pacific countries that had borrowed from China, Duke said repayment strain was already an issue. He identified Tonga, Samoa and Vanuatu as being at higher risk due to respective loans. In Tonga, the impact of Chinese loans had been a 'big political issue' this year. Duke anticipated that about 15 percent of the government's revenue over the next few years would be devoted to debt repayments. 'Last year, Tonga spent more on its debt repayments than it did on health for its citizens,' he said. 'And so when we look at the….forward outlook, there are more challenges on the horizon. There are key development issues across the Pacific that countries and their governments and their people want to be dealing with. 'But instead, these debt burdens are there and they're persistent. 'Again, just to focus on Tonga…. [it] ran five successful budget surpluses in the lead-up to having a big wave of Chinese debt repayments coming in. 'But then it faced huge economic costs from the pandemic, from the earthquake, from cyclones, and so that wiped out all the money that [the government] had put aside.' Duke believed the amount of China's lending into the region was less than a quarter of the level it was in the mid-2010s. 'I'd be surprised to see any new large loans from China in the region, and I think related to that is the broader topic of whether Pacific countries should take on lots of debt. 'Pacific countries have large financing gaps. There's a lot of infrastructure that needs to be built, and sometimes loans are the best way to do that, and ultimately that just comes back to the quality of the project. 'People are a bit afraid of debt, and I think it's a bit…of a dirty word, but if a loan is taken out to finance a project that is good for economic growth, good for a Pacific country [because] it drives connectivity [and] it drives the economy, then it's a good loan, and it's good debt to take on, and it will pay itself back.' He said there had also been a shift in how China engaged with the region. 'China's main form of engagement with the Pacific 15 years ago was lending. I think 80 percent of all of China's development financing to the region was in the form of loans, and that's fallen off dramatically since around 2018.' That shift was due to a range of factors, including increased financing options for Pacific governments, Duke said. 'In 2010, China might have been the only partner offering large-scale infrastructure financing. 'Australia is now offering more financing in that space. The World Bank is offering more financing in that space; there's climate funds that are also offering adaptation projects and adaptation infrastructure. 'So there are more options on the table for Pacific countries than there was previously. And I think that is part of the reason that China's lending has declined.' China's foreign ministry denied Beijing was responsible for developing debt. 'China's cooperation on investment and financing with developing countries follows international practice, market principles, and the principle of debt sustainability,' spokesperson Mao Ning said. 'A handful of countries are spreading the narrative that China is responsible for these countries' debt. 'However, they ignore the fact that multilateral financial institutions and commercial creditors from developed countries are the main creditors of developing countries, and the primary source of debt repayment pressure. 'Lies cannot cover truth and people can tell right from wrong.'
