The U.S. Division of Treasury’s Workplace of International Property Management (OFAC) has levied sanctions towards a Philippines-based firm named Funnull Know-how Inc. and its administrator Liu Lizhi for offering infrastructure to conduct romance baiting scams that led to large cryptocurrency losses.
The Treasury accused the Taguig-headquartered firm of enabling 1000’s of internet sites concerned in digital foreign money funding scams that brought on Individuals to lose billions of {dollars} yearly.
“Funnull has instantly facilitated a number of of those schemes, leading to over $200 million in U.S. victim-reported losses,” the company stated in a press launch. The common loss is estimated to be over $150,000 per particular person.
Funnull, additionally referred to as Fang Neng CDN (funnull[.]io, funnull[.]com, funnull[.]app, and funnull[.]buzz), was first attracted the eye of the cybersecurity neighborhood in June 2024 after it was implicated within the provide chain assault of widely-used Polyfill[.]io JavaScript library.
Final 12 months, an evaluation by Silent Push revealed that the infrastructure related to Funnull has been used to advertise funding scams, pretend buying and selling functions, and suspect playing networks. The infrastructure has been codenamed Triad Nexus.
Then earlier this February, the cybersecurity firm attributed Funnull to a follow dubbed infrastructure laundering whereby the corporate rented IP addresses from mainstream internet hosting suppliers corresponding to Amazon Internet Companies (AWS) and Microsoft Azure to host felony web sites.
Highlighting this side, the Treasury stated Funnull permits digital foreign money funding scams by buying IP addresses in bulk from main cloud providers firms internationally and promoting them to cybercriminals to host rip-off platforms and different malicious internet content material.
“Funnull generates domains for web sites on its bought IP addresses utilizing area era algorithms (DGAs) – applications that generate giant numbers of comparable however distinctive names for web sites – and supplies internet design templates to cybercriminals,” the company identified.
“These providers not solely make it simpler for cybercriminals to impersonate trusted manufacturers when creating rip-off web sites but additionally permit them to rapidly change to totally different domains and IP addresses when official suppliers try and take the web sites down.”
The Treasury additionally accused Funnull of buying Polyfill[.]io with the intent to redirect guests of official web sites to rip-off web sites and on-line playing websites, a few of which it stated are linked to Chinese language felony cash laundering operations.
Moreover, the division alleged that its administrator Liu, a Chinese language nationwide, was in possession of spreadsheets and different paperwork that contained details about the corporate’s staff, their efficiency, and their work progress.
The duties assigned to them included assigning domains to felony actors for digital foreign money funding fraud, phishing scams, and on-line playing websites.
In a standalone flash alert, the U.S. Federal Bureau of Investigation (FBI) stated it recognized 548 distinctive Funnull Canonical Names (CNAME) linked to over 332,000 distinctive domains since January 2025.
“Between October 2023 and April 2025, a number of patterns of IP deal with exercise had been noticed from a number of domains utilizing Funnull infrastructure,” the FBI stated. “Throughout this timeframe, tons of of domains utilizing Funnull infrastructure concurrently migrated from one IP deal with to a different both on the identical actual day or throughout the similar timeframe.”