U.S. Sanctions Philippine Tech Firm Funnull Over $200M Crypto Scam Linked to Triad Networks

The U.S. Treasury’s OFAC has blacklisted Funnull Technology Inc., a Philippines-based firm accused of orchestrating a ’pig butchering’ crypto scam that siphoned $200 million from American investors. Two cryptocurrency addresses tied to the operation were added to OFAC’s SDN List, effectively freezing their access to global financial systems.

Blockchain analytics firm Chainalysis uncovered connections between Funnull and Huione Pay, with evidence suggesting involvement of organized crime networks. The FBI’s IC3 unit has released technical indicators including IP addresses and infrastructure details to help identify the scam’s operational footprint.

Deputy Treasury Secretary Michael Faulkender emphasized the administration’s commitment to ’disrupting criminal enterprises that exploit digital assets while safeguarding legitimate innovation.’ The action signals heightened scrutiny of cross-border crypto fraud schemes, particularly those with alleged ties to Asian organized crime syndicates.