Funnull a company which was providing and facilitating cyber criminals in the crypto scams that took more than $200 million from the American citizens. The treasury’s office which has control of foreign assets put sanctions on the company. Because it has major links with the virtual currency thefts and scams through the websites.

The major scams that are reported include a total loss of $200 million which comes as 150,000 dollars per citizen. This number is likely to increase or decrease because many victims of cyber crime scams tend to remain silent.

Many criminals tend to approach the victims through the online network and they pretend to have been looking for some kind of romantic relationship or some other tricks that these victims use. And then the main goal is to get the victim to send some money so they can invest in cryptocurrencies and after The customer or the victim sends the investment it goes into their non-existent projects which the scammer takes the money and runs away.

Funull is a company which has its base in the Philippines. A Chinese person with the name of Liu Lizhi is operating this company. The US treasury office has also sanctioned him. The treasury thinks the exact approach of funnull was to create fake websites under fake names and IP addresses. This company used IP addresses of its own and then gave cyber criminals some designs for the websites and templates.

These kinds of services are also a cover for the cyber criminals because they try to pose as a really trusted brand. And after that they create these scams and websites. Which means they can easily switch from one domain to another. This helps the bad persons from the law makers and legitimate Cyber security members. In case they try to track and take the website.

According to the treasury, there was a supply chain attack in which funnel used some kind of code which was developed through the web developers. And through the coded many visitors who were coming for the actual websites but heading onto the gambling or scamming websites. All of these are Going back to the money laundering operations of China. 

There is a researcher with the name of Zach Edwards, he used to work at funnull. But he did not know the complete truth back then. According to him this large scamming network and cyber criminal activities should stop immediately because it was targeting the people of the United States. 

but there are many other things that should come to light because when it comes to the cyber criminal activities there is only the tip of the iceberg that has been touched and under that there is a lot of going on which the authorities do not have any idea of.