The U.S. government has sanctioned Funnull Technology Inc., a firm in the Philippines deeply involved in hosting infrastructure for virtual currency scams, particularly 'pig butchering' schemes. This action is part of a larger effort to combat cybercrime, as reports indicate that American victims lose billions yearly, with losses escalating to record levels over the past year. Funnull's operations reportedly have facilitated scams resulting in around $200 million in documented losses for victims in the U.S., highlighting the urgent need for regulatory measures against such platforms.
"Americans lose billions of dollars annually to these cyber scams, with revenues generated from these crimes rising to record levels in 2024," reads a statement from the U.S. Department of the Treasury.
In January 2025, KrebsOnSecurity detailed how Funnull was being used as a content delivery network that catered to cybercriminals seeking to route their traffic through U.S.-based cloud providers.
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