Story perspectives

U.S. Sanctions Funnull Technology for $200M Crypto Scams

5/30/2025

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Summary

Story summary

The U.S. Treasury sanctioned Funnull Technology Inc. for enabling cryptocurrency scams, causing over $200 million in losses for U.S. victims.
Liu Lizhi, the company's Chinese administrator, received sanctions as well.
Funnull supplied infrastructure for fraudulent websites, utilizing IP addresses from U.S. cloud providers.
The scams, termed "pig butchering," deceive victims into investing in non-existent cryptocurrency platforms.
The FBI identified Funnull as a key player in numerous virtual currency investment scams.

History

Historical Context

The U.S. Treasury's sanctions against Funnull Technology Inc. reflect ongoing challenges with cryptocurrency scams, reminiscent of the 19th-century "Pork War." Just as European nations banned U.S. pork to protect local industries, today's regulations aim to safeguard consumers from digital fraud. Both instances highlight the need for robust oversight in rapidly evolving markets to prevent significant financial losses.

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Story summary

The U.S. Treasury sanctioned Funnull Technology Inc. for enabling cryptocurrency scams, causing over $200 million in losses for U.S. victims.
Liu Lizhi, the company's Chinese administrator, received sanctions as well.
Funnull supplied infrastructure for fraudulent websites, utilizing IP addresses from U.S. cloud providers.
The scams, termed "pig butchering," deceive victims into investing in non-existent cryptocurrency platforms.
The FBI identified Funnull as a key player in numerous virtual currency investment scams.

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