U.S. Sanctions Philippine Firm Funnull Technology for $200M Crypto Scams

The U.S. Department of the Treasury has taken a significant step in its efforts to combat global crypto scams by imposing sanctions on Funnull Technology Inc., a Philippine-based firm. The sanctions, announced on May 29, 2025, target the company for its alleged role in facilitating "pig butchering" crypto scams, which have defrauded investors worldwide of an estimated $200 million. Funnull’s platform is accused of hosting fraudulent investment schemes that preyed on victims’ trust in cryptocurrency, highlighting the growing threat of digital financial crimes.

The move by the U.S. Treasury is part of a broader effort to disrupt international crypto crime networks. Officials have emphasized that Funnull’s role as a technology enabler reveals a complex web of actors involved in global crypto fraud. The sanctions not only target Funnull’s founders but also restrict their access to the U.S. financial system, signaling a stronger commitment to cross-border cooperation in combating crypto crime.

This action underscores critical gaps in international crypto regulation. Many jurisdictions struggle to track and prosecute digital financial crimes, and Funnull’s activities illustrate how emerging technologies can be misused to facilitate large-scale fraud across borders. This case puts pressure on Southeast Asian regulators to strengthen oversight of crypto companies. The Philippines’ regulatory agencies have faced criticism for their slow responses to scams operating both domestically and internationally. The U.S. Treasury’s action could prompt reforms focused on transparency, due diligence, and tighter controls over crypto infrastructure providers.

As the adoption of cryptocurrency continues to grow globally, this crackdown sends a clear warning to illicit actors exploiting digital finance. It sets a precedent for future sanctions and increased collaboration among law enforcement agencies worldwide. The coordinated international resistance against crypto crime is a significant development in the ongoing battle against digital financial fraud.