Latest news with #pigbutchering
Forbes
a day ago
- Business
- Forbes
Escaping The Pig Butcher: Avoiding The Online Scam Stealing Billions
Pig butchering has conned billions of dollars from victims worldwide. The New York Post recently reported that the Cambodian-based Huione Group gang has reaped over $4 billion between August 2021 and January 2025. To some, pig butchering is nothing more than requesting a special cut at the meat market. Unfortunately, it's become a notorious form of cybercrime that causes complete financial devastation for its victims. Pig butchering (Sha Zhu Pan, which translates to 'killing pig plate') has a far more nefarious meaning. The Department of Financial Protection & Innovation defines pig butchering as a 'form of investment fraud in the crypto space where scammers build relationships with targets through social engineering and then lure them to invest crypto in fake opportunities or platforms created by the scammer.' Pig butchering has conned billions of dollars from victims worldwide. The New York Post recently reported that the Cambodian-based Huione Group gang has reaped over $4 billion between August 2021 and January 2025 alone. There are a few things to watch out for to avoid being lured into such extortion schemes. Often, they target seniors and other populations less familiar with cybercrime. According to The National Council on Aging, such scams often start with receiving a message out of the blue claiming to mistake you for someone else or having online profile pictures that look like a model. It's really important not to respond or send money to random people who contact you online, no matter how compelling their story is. Scammers are dependent upon gaining your trust, and a sympathetic or catchy story is a great way to do that. Another big warning sign is getting messages via SMS or social media that quickly redirect you to chat on another platform like Telegram or WeChat, which are less regulated and moderated. They might convince you to invest a small amount of money, which is then returned to you at a bigger profit. Before too long, the amounts of money being requested increase by leaps and bounds. A recent story out of Ohio details how an initial request for $10,000 quickly turned into a request for $500,000 to unlock any profits that were made. Even more appalling, the scammer requested the victim to 'go to a loan shark' to get the funds! In 2024, Meta removed 'over 2 million accounts' suspected of running crypto investment scams like pig butchering. Companies are starting to do more to combat pig butchering, but it's still a very real problem. A big step in their effort to keep people from falling for these scams is raising awareness through public posts broadcasting safety tips. They recently started rolling out warnings in Facebook Messenger and Instagram DMs tipping users off to 'potentially suspicious interactions or cold outreach from people you don't know', which is a good start. Banks are also beginning to require customers to acknowledge the dangers of scams when transferring money by ACH, Zelle, and wire. If you think you've been a victim of pig butchering, it's very important to both contact your bank and file a fraud report with the Federal Trade Commission. The sooner you report an incident, the more that can be done to help you potentially recover any lost funds. A recent blog from Norton advises victims to keep track of information, including 'messages, transaction records, and scammer contact information,' to better help authorities combat fraud. Although pig-butchering is an online scam that isn't going away anytime soon, the public can better protect themselves by being more aware of the warning signs and consequences of being involved in such a scheme. It reminds one of the classic saying, 'If it sounds too good to be true, it probably is!'
Independent Singapore
2 days ago
- Business
- Independent Singapore
Philippine tech firm sanctioned by U.S. over $200 million romance scam network
MANILA: Punitive action has been taken by the United States against a Philippine technology corporation located in Bonifacio Global City (BGC) for purportedly playing a vital role in an expansive global online deception scheme called 'pig butchering.' According to a recent SCMP report, Funnull Technology Inc., together with Chinese national Liu Lizhi, was targeted by the U.S. Treasury Department for allegedly supplying the digital set-up used to host more than 332,000 domains associated with bogus cryptocurrency investment sites. 'Pig butchering' scams exposed in global operation According to U.S. representatives, these fake platforms victimised defenceless persons by engaging in illusory online relationships before coercing them into spending money on fake crypto arrangements. Victims lose an average of more than US$150,000, with total losses going beyond US$200 million. 'This is a ruthless, calculated form of exploitation,' said Tammy Bruce, spokesperson for the U.S. State Department. 'We will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes.' See also Opponents of coup in Myanmar call for more large-scale protests Tech infrastructure used to evade detection The FBI, which has been probing into Funnull and tracking its movements since January, disclosed that the firm bought bulk IP addresses from key cloud providers and sold them back to defrauders. These were utilised to host con websites and escape exposure by hastily spinning domains and IP addresses. Funnull also received widespread media coverage and in cybersecurity circles after obtaining a JavaScript library extensively used by developers. Soon after, experts at Silent Push and Sansec cautioned that sites using Polyfill code were rerouting users to hostile domains hosted on Funnull's network. The U.S. Treasury noted that Funnull is associated with the common crypto scam websites reported to the FBI and had a 'critical enabling role' in their rampant spread. Liu Lizhi, purportedly one of the overseers of the manoeuvre, controlled inside documents that proved Funnull workers were assigned to distribute domains for use in phishing, fake investment schemes, and gambling activities. Calls for local investigation amid regulatory gaps Funnull, listed with the Philippine Securities and Exchange Commission in 2021, has its operations from the 14th floor of the Net Cube Centre in BGC, a government-designated 'cyberpark' giving tax inducements. This has triggered fear among tech regulators and transparency activists. 'This operation was likely based out of a shared or co-working space, which makes it easier to stay under the radar,' said Dominic Ligot of and Data Ethics PH. 'Scam operations often choose prestigious business locations to project legitimacy.' Ligot and other specialists have complained about the absence of strong regulatory implementation in the Philippines, inferring that weak monitoring, exploitation, with a nominal inspection permit sham businesses to thrive. A high-ranking industry insider, speaking incognito, suspected that some government bureaucrats may have been enticed to favour Funnull's business licenses. The source called for the conduct of a thorough inquiry into public officials who approved the firm's registration and operating certificate. See also Police arrest man involved in hotel booking scam Presently, neither the Philippine government nor the city of Taguig has issued statements in response to the U.S. sanctions. The FBI has advised victims to come forward as the investigation continues.
South China Morning Post
3 days ago
- Business
- South China Morning Post
US sanctions Philippine tech firm over ‘pig butchering' scams that took US$200 million
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'.
South China Morning Post
3 days ago
- Business
- South China Morning Post
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'.
Reuters
29-05-2025
- Business
- Reuters
US sanctions Philippines digital infrastructure provider linked to virtual currency scams
WASHINGTON, May 29 (Reuters) - The U.S. Treasury is placing under sanctions a Philippines-based company accused of providing internet infrastructure to a swathe of virtual currency investment scams, better known as "pig butchering." In a statement, opens new tab issued on Thursday, Treasury officials said they were taking action against Funnull Technology Inc., which they accused of buying internet protocol addresses in bulk from other service providers and reselling them to cybercriminals. An alleged administrator of Funnull, Chinese citizen Liu Lizhi, was also placed under sanctions. Reuters could not immediately locate contact information for Liu, who the Treasury described as being 40 years old and linked to addresses in Shanghai and Ganzhou. A message seeking comment from Funnull was not immediately returned. Reuters' attempt to locate Funnull in the Philippines' corporate registry was unsuccessful. Virtual currency investment scams - which typically work by convincing people to put their money into fraudulent cryptocurrency schemes - have become a billion-dollar industry, run by organized crime and fueled by human trafficking. The scams often rely on bogus websites to swindle their victims, and earlier this year researchers from cybersecurity firm Silent Push tied Funnull to a network of such sites, opens new tab, along with thousands of other devoted to suspected gambling or money laundering. Pig butchering scams, which originated in China, now target people worldwide. Earlier this year, blockchain analytics firm Chainalysis said revenues from the scams were at a record high, likely boosted by the use of generative algorithms to help scammers better tailor their pitches and talk to more people at a time.
