US Treasury Sanctions Cyber Group That Scammed Americans Out of $200 Million

The scams involve convincing potential victims to invest virtual currency on fake websites designed to look like other, legitimate investment platforms.

The U.S. Department of the Treasury in Washington on May 21, 2025. Madalina Vasiliu/The Epoch Times

The Department of the Treasury on May 29 sanctioned Funnull Technology Inc., a Philippines-based company that facilitated the majority of the virtual currency investment scams that have been reported to the FBI.

“Today’s action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings,” Deputy Secretary of the Treasury Michael Faulkender said in a statement.