US blacklists Philippine tech firm accused of enabling global crypto scams

The United States has imposed sanctions on a Philippine-based web infrastructure company accused of playing a central role in facilitating large-scale online fraud schemes, particularly cryptocurrency investment scams.

 

Funnull Technology Inc., headquartered in the Manila area, has been identified by the US Treasury Department’s Office of Foreign Assets Control (OFAC) as a critical enabler of so-called “pig butchering” scams. These scams, which blend romance fraud with investment cons, have cost US victims over $200 million, with average individual losses exceeding $150,000, according to officials.

 

The company is accused of supplying technical infrastructure — including IP addresses and website hosting — to criminal organisations behind these schemes.

 

Authorities described Funnull’s business model as “infrastructure laundering”, whereby services sourced from legitimate cloud providers in the US are re-sold to cybercriminals.

 

The FBI issued a separate alert listing dozens of internet domains linked to Funnull, noting that the company’s services have supported hundreds of thousands of scam websites. These are widely believed to be tied to a growing cybercrime network in Southeast Asia, which often overlaps with illegal gambling operations and forced labour.

 

OFAC also targeted Liu Lizhi, a Chinese national accused of managing Funnull’s internal operations. Investigators say Liu maintained detailed documentation on the company’s staff and their roles in assigning web domains to fraud networks, including those linked to phishing and crypto scams.

 

Funnull gained further notoriety last year after acquiring the web domain of Polyfill.io, a once-trusted JavaScript tool, which was then observed injecting malicious code into visitors’ browsers.

 

Despite being listed in the Philippines, Funnull had previously been reported as operating out of China. Cybersecurity analysts warn that the company’s use of reputable platforms like Amazon and Microsoft has helped it remain hidden in plain sight.