Treasury Sanctions Crypto Scam Ring Tied to China and Philippines—FBI Seeks Victims

A sweeping U.S. crackdown has exposed a massive crypto scam network based in the Philippines and linked to China, with Funnull fueling $200 million in fake investment fraud.
Treasury Targets China-Backed Philippine Crypto Scam—FBI Wants Victim Info
The U.S. Department of the Treasury took decisive action on May 29 by sanctioning Funnull Technology Inc., a Philippines-based company accused of operating at the heart of a vast online fraud network. In parallel, the Federal Bureau of Investigation (FBI) issued a public appeal to identify victims of these cryptocurrency scams, citing Funnull’s critical role in powering fraudulent infrastructure. The Treasury stated that Funnull “provides computer infrastructure for hundreds of thousands of websites involved in virtual currency investment scams, commonly known as ‘pig butchering.’”