On May 29, 2025, The US Department of the Treasury's Office of Foreign Assets Control (OFAC) Sanctioned Funnull Technology Inc., A Philippines-Based Technology Firm, and its Administrator, Liu Lizhi, for Their Roles in facilitating cryptocurrency investment scams, Commonly Known as ” Butchering. ” Funnull's scams have defrauded us Victim of More Than $ 200 million since its Inception.
In its designation, OFAC Listed Two Cryptocurrency Addresses Associated With Funnell Technology Inc. On its Specially Designated Nationals (SDN) List. The Federal Bureau of Investigation's (FBI) Internet Crime Complaint Center (IC3) ALSO ISSUED AN ADVISORY, Which includes Technical Details Such as Infrastructure and IP Addresses Used by Funnull's Operations.
In this blog, we'll look at funnull's role in facilitating pig butchering scams and the on-chain activity of the addresses associated with funnull.
Funnull's Role in Facilitating Pig Butchering Scams
Funnull Technology Inc. Enabled Cybercriminals by Purchasing IP Addresses in Bulk from Major Cloud Service Providers and Selling Them to Operators of Fraudulent Investment Platformms. This infrastructure Allowed Scammers to Host Malicious Websites That Mimicked Legitimate Investment Platforms, Thereby Deceiving Victim Into Investing in Non-Exist Opportunities.
Funnull was a Central Player in a network dubbed by Security Researchers AS “Triad Nexus,” Which Includes More than 200,000 Unique Hostnames, Many of Which Are Associated With Investment Scams, Fake Trading Apps, and Suspect Gambling Networks.
On-chain Activity of Sanctioned Crypto Addresses
OFAC's Designation included Two Digital Currency Addresses Associated With Funnull Technology Inc.:
- Ethereum (ETH): 0xd5ed34b52ac4ab84d8fa8a231a3218bbf01ed510
- Tron (TRX): TNMRFNSZOWWZXCDDBF95EGQYXT1MJDT8
These addresses were likely use to receive payment from cybercriminals for ip addresses, and other web infrastructure used to host scam platforms and other malicious web content. As we see in the Below Chainalysis Reactor Graph, Funnull Had Direct Exposure to Huione Pay, for which the US Department of the Treasury's Financial Crimes Sweeping Network (Fincen) Recently Issued A Finding and Notice of Propting Rulemaking (NPRM) Identifying it as a Primary Money Laundering concern. Additionally, the Addresses Show Indirect Exposure to Various Types of Scams and Domain Management Infrastructure Vendors.
Strategic Implications for Crypto-Enabled Fraud fighting.
Today's Ofac Sanctions Underscore The Us Government's continued commitment to disrupting the infrastructure that enables Large-Scale cryptocurrency investment scams. By targeting the service providers that facilitate these fraudulent schemes, OFAC AIMS to dismantle the networks that perpetrated such scams and as a result, protect potential victim.
We have labeled the above addresses in our product suite, and will continue monitoring this network and provide updates when possible.
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