A Philippine tech company has been sanctioned by the United States for allegedly enabling online romance scams known as “pig butchering”, which US authorities say led to more than US$200 million in losses reported by victims linked to the company’s infrastructure.
Funnull Technology Inc, a content delivery network provider based in Metro Manila’s upscale Bonifacio Global City (BGC) district, was sanctioned last week by the US Treasury Department, along with Chinese national Liu Lizhi, described as one of its administrators.
According to the department, Funnull’s infrastructure supported more than 332,000 domain names linked to websites masquerading as legitimate cryptocurrency investment platforms. These platforms were part of a global network of online scams that “systematically targeted and exploited vulnerable individuals”, US officials said.
On average, victims lost more than US$150,000 each, the treasury said.
Tammy Bruce, spokeswoman for the US State Department, said the US “will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes”.
