US sanctions Philippines digital infrastructure provider linked to virtual currency scams

WASHINGTON, May 29 (Reuters) - The U.S. Treasury is placing under sanctions a Philippines-based company accused of providing internet infrastructure to a swathe of virtual currency investment scams, better known as "pig butchering."

issued on Thursday, Treasury officials said they were taking action against Funnull Technology Inc., which they accused of buying internet protocol addresses in bulk from other service providers and reselling them to cybercriminals. An alleged administrator of Funnull, Chinese citizen Liu Lizhi, was also placed under sanctions.

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Reuters could not immediately locate contact information for Liu, who the Treasury described as being 40 years old and linked to addresses in Shanghai and Ganzhou. A message seeking comment from Funnull was not immediately returned. Reuters' attempt to locate Funnull in the Philippines' corporate registry was unsuccessful.

Virtual currency investment scams - which typically work by convincing people to put their money into fraudulent cryptocurrency schemes - have become a billion-dollar industry, run by organized crime and fueled by human traffickinng, opens new tab 

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