The United States has taken decisive action against Funnull Technology Inc., a Philippines-based company at the center of a complex web of virtual currency investment scams, and its administrator Liu Lizhi, a Chinese national. The sanctions are part of a broader effort to crack down on those who misuse virtual currencies and internet services to perpetrate fraud and other crimes.
According to officials, the targets of today's sanctions are directly connected to over $200 million in losses reported by U.S. victims, with an average cost of over $150,000 per individual. The severity of the financial harm inflicted on American citizens highlights the need for robust measures to combat these types of scams.
The Department of the Treasury's sanctions actions were taken pursuant to Executive Order 13694, as amended by Executive Order 14114. This move marks a significant step in the U.S. government's efforts to hold accountable those who abuse the financial sector and exploit vulnerable individuals.
The United States will continue to pursue cybercriminals who misuse virtual currencies and internet services for malicious purposes. The imposition of sanctions on Funnull Technology Inc. and its administrator Liu Lizhi serves as a warning to others who would seek to engage in similar activities, underscoring the country's commitment to protecting its citizens from these types of threats.
The U.S. government remains vigilant in its efforts to combat virtual currency scams and other forms of cybercrime. As authorities work to disrupt and dismantle these operations, they are also taking steps to support victims and prevent further financial harm.