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Treasury sanctions a Filipino company & its Chinese administrator for providing computer infrastructure to pig-butchering operations: https://t.co/hlif9thrTj These scams cost Americans billions of $ in lost cryptocurrency each yr; this co facilitated scams costing >$200m in US. https://t.co/VNr5vSwO7l
🇺🇸🇵🇭 U.S. VICTIMS BLEED $200 MILLION IN CYBER SCAM HEIST Turns out the infrastructure behind hundreds of thousands of crypto romance scams was hiding in plain sight. OFAC just froze all assets of Funnull, a hosting firm based in the Philippines, and slapped sanctions on admin https://t.co/wrVbBYAotP https://t.co/nOdrTZqn8y
The U.S. is sanctioning Philippines-based company Funnull and its administrator for their connection to virtual currency investment scams that cause serious harm to the American people. We will continue to pursue cybercriminals who abuse the U.S. financial sector.
Vietnamese authorities have arrested the ringleader of the Matrix Chain crypto scam, known as 'Madam Ngo,' in Bangkok. The scam defrauded over 138,000 users through a USDT-based multi-level marketing scheme, with losses estimated at around $394 million. 'Madam Ngo' was an Interpol target and is accused of promising fake monthly returns of 20-30%, duping more than 2,600 victims. Separately, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Funnull Technology Inc., a Philippines-based company providing computer infrastructure for numerous virtual currency investment scams. These scams, often referred to as pig-butchering operations, have caused over $200 million in losses to American victims. The U.S. government emphasized its commitment to pursuing cybercriminals exploiting the U.S. financial sector.
