The U.S. Treasury has sanctioned Philippine-based Funnull Technology Inc. for its alleged role in facilitating a major cryptocurrency fraud scheme.
What Happened with Funnull Tech
The U.S. Treasury announced sanctions against Funnull Tech, accusing the company of aiding scammers in executing schemes that resulted in losses of approximately $200 million. This decision is part of a larger effort by authorities to combat the use of cryptocurrency in organized online fraud.
Liu Lizhi's Role in the Scheme
Liu Lizhi, a 40-year-old Chinese national, has also been sanctioned for his significant role in the operations of Funnull Tech. Officials stated that Liu was actively involved in organizing and overseeing operations that facilitated the success of these fraud schemes.
Reactions and Consequences
The sanctions include freezing any assets connected to Funnull Tech and Liu Lizhi within the U.S. This action comes amid a global crackdown on cryptocurrency fraud, aiming to accelerate the efforts to combat such crimes and serve as a warning to other market participants.
The sanctions against Funnull Tech and Liu Lizhi highlight the seriousness of the U.S. approach towards combating crypto fraud. It also signals the need for enhanced oversight within the crypto industry.
