The sanctions, announced Thursday and reported by The Block, target Funnull and its administrator, Liu Lizhi, following an investigation by the Office of Foreign Assets Control (OFAC). The company allegedly procured IP addresses from international cloud providers and resold them to cybercriminals, enabling them to operate fraudulent platforms and host malicious online content.

According to the Treasury, Funnull has been directly linked to more scam-related websites than any other entity named in complaints to the Federal Bureau of Investigation (FBI).

“Today’s action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings,” said Deputy Treasury Secretary Michael Faulkender. He reaffirmed the U.S. commitment to building a secure and legitimate digital asset ecosystem, while cracking down on actors that exploit emerging technologies for fraud.

Victims of these scams typically reported losses averaging $150,000 per person, highlighting the devastating financial impact of these operations, often disguised as legitimate crypto investment opportunities.

The sanctions freeze any U.S.-based assets tied to the firm or its operator and prohibit U.S. persons from transacting with them. The move is part of a broader U.S. effort to clamp down on transnational cyber fraud rings and protect the integrity of digital finance.

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Filed under: Bitcoin - @ May 30, 2025 10:17 am