US sanctions Philippines tech firm accused of aiding crypto scams

OFAC claims Funnull Technology purchased a code repository used by web developers and altered it to redirect legitimate websites to scam websites.

The US Treasury has sanctioned a Philippines-based technology firm and its alleged administrator, accusing it of providing services to thousands of crypto scam websites.

Funnull Technology is linked to most crypto scam websites reported to the FBI, with victims’ losses surpassing $200 million, the Treasury’s Office of Foreign Assets Control (OFAC) said on May 29. 

Funnull purchases IP addresses in bulk from cloud service providers and sells them to scammers, allowing them to host and operate clones of legitimate investment platforms, to deceive victims and steal their crypto, according to OFAC.

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