The United States government has announced sanctions against Funnull Technology Inc., a company based in the Philippines, and its administrator Liu Lizhi, a Chinese national. The company is accused of providing essential computer infrastructure for virtual currency investment scams. These fraudulent activities have reportedly resulted in over $200 million in losses for U.S. victims, with each individual losing an average of more than $150,000.
"The United States will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes," stated the Department of the Treasury. "We will continue to pursue cybercriminals who abuse the U.S. financial sector."
The sanctions were enacted under Executive Order 13694, as amended by Executive Order 14114. Further details can be found in the Treasury's press release.
