The U.S. Treasury's OFAC sanctioned Funnull Technology Inc., a Philippines-based firm, for its role in facilitating romance baiting scams through infrastructure that enabled extensive cryptocurrency fraud. Major losses to victims are reportedly over $200 million. Funnull's activities included acquiring IP addresses from reputable cloud service providers to host malicious sites, promoting investment scams and fake trading platforms. The firm has been under scrutiny by cybersecurity experts for its involvement in infrastructure laundering and its connections to broader cybercrime networks.
"Funnull has directly facilitated several of these schemes, resulting in over $200 million in U.S. victim-reported losses," the agency said in a press release.
Highlighting this aspect, the Treasury said Funnull enables virtual currency investment scams by acquiring IP addresses in bulk from major cloud services companies across the world and selling them to cybercriminals to host scam platforms and other malicious web content.
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