OFAC sanctions Funnull as an expert finds connection to Huione Pay, Triad nexus

The U.S. Treasury Office of Foreign Assets Control (OFAC) approved Funnull Technology Inc., a Philippines-based technology company and its executive, Liu Lizhi.

The company is involved in running a “pig slaughter” scam.

A $200 million scam was discovered

Funnull stole more than $200 million from U.S. investors, according to an official press release. OFAC also places Funnull’s two cryptocurrency addresses in its specially designated national (SDN) list to limit its access to the financial system.

In response, the FBI’s Internet Crime Complaints Center (IC3) released a public consultation outlining key technical indicators such as infrastructure components and IP addresses associated with Funnull’s scam.

Deputy Secretary of Finance Michael Faulkender said in an official statement

“Today’s action highlights our focus on undermining criminal businesses like Funnull, which allows these cyberscams to make these cyberscams and deprive Americans of their hard-earned savings.

Connecting Triad Nexus and Huione Pay

According to the blockchain intelligence chain analysis, Funnull Technology Inc. has enabled cybercriminals by buying IP addresses in bulk from major cloud service providers and selling them to operators of fraudulent investment platforms. This infrastructure enables scammers to host malicious websites that mimic legitimate investment platforms, thus defrauding victims of investing in opportunities that do not exist.

Funnull is a central player in a network called “Triad Nexus” by security researchers, which includes over 200,000 unique host names, many of which are related to investment scams, fake trading applications and suspicious gambling networks. OFAC identified two encrypted addresses related to Funnull Technology Inc. to receive cybercrime payments.

These addresses have links to the scam-related infrastructure and show connections to Huione Pay, which Fincen recently marked as a major money laundering issue.

A further investigation by blockchain security firm Elliptic showed that the two addresses received a total of more than $4 million.