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US Sanctions Cloud Provider 'Funnull' As Top Source of 'Pig Butchering' Scams
An anonymous reader quotes a report from KrebsOnSecurity: The U.S. government today imposed economic sanctions on Funnull Technology Inc., a Philippines-based company that provides computer infrastructure for hundreds of thousands of websites involved in virtual currency investment scams known as "p...
An anonymous reader quotes a report from KrebsOnSecurity: The U.S. government today imposed economic sanctions on Funnull Technology Inc., a Philippines-based company that provides computer infrastructure for hundreds of thousands of websites involved in virtual currency investment scams known as "pig butchering." "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, which sanctioned Funnull and its 40-year-old Chinese administrator Liu Lizhi. The scammers often insist that investors pay additional "taxes" on their crypto "earnings" before they can see their invested funds again (spoiler: they never do), and a shocking number of people have lost six figures or more through these pig butchering scams.
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