Scam Support? Philippines Tech Firm Hit with US Sanctions

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Scam Support? Philippines Tech Firm Funnull Technology Hit with US Sanctions

Written by Aaron S.,

Editor-In-Chief

Last Updated: May 30, 2025

Key Takeaways

The US Treasury sanctioned Funnull Technology for helping run fake crypto sites used to steal funds from unsuspecting users;
Funnull allegedly sold internet addresses to scammers and aided the setup of clone investment platforms;
Liu Lizhi and two crypto wallets linked to Funnull were blacklisted, and US entities must avoid all dealings with them.

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Scam Support? Philippines Tech Firm Funnull Technology Hit with US Sanctions

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A technology company based in the Philippines has been sanctioned by the US Treasury for allegedly supporting the operation of thousands of fraudulent cryptocurrency websites.

The firm, known as Funnull Technology, and its alleged operator are officially blacklisted.

According to the Treasury’s Office of Foreign Assets Control (OFAC), Funnull played a major role in setting up websites that trick people into sending over their crypto. These sites often resemble legitimate investment platforms, but they are clones designed to steal funds.

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OFAC said in a 29 May statement that Funnull bought large numbers of internet addresses from cloud providers and sold them to scam operators, which helped them build and maintain these fake platforms.

As part of the sanctions, Liu Lizhi, a Chinese citizen who managed Funnull’s operations, has been added to OFAC’s list of blocked individuals.

Under the new restrictions, anyone in the US is banned from working with or handling assets connected to Funnull or Liu if they control more than half of the company or property involved.

Two crypto wallet addresses tied to Funnull were also sanctioned. Chainalysis, a blockchain firm, reported that these wallets likely received payments from cybercriminals. Chainalysis added that these addresses are linked to a system that includes services for buying and managing domain names used in scams.

On May 20, US regulators filed a lawsuit against Unicoin, a crypto investment firm, and three of its senior executives. What happened? Read the full story.