US Government Sanctions Technology Company Connected with global virtual virtual fraud

A technology company that is suspected of participating in the cyber fraud network that deceives people and businesses in several countries has been approved by the US government.

The US Ministry of Finance said in a statement that the approved company, Funnull, reportedly provided technical support, tools, and infrastructure to cyberspace criminals involved in financial fraud, ransomware, phishing, and identity theft.

This action is part of a larger US campaign to fight hostile cyber activities that interfere with international trade, threaten national security, and take advantage of vulnerable groups.

According to officials, the punishment will include a ban on travel, freezing assets, and restrictions on US -based organizations that do business with the company.

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The Ministry of Finance claims that Funnull is headquartered in the Philippines and operated by Liu Lizhi, a Chinese citizen who was also approved on Thursday.

Using its IP address, Funnull creates a domain name for the website and provides “web design templates for cyber criminals,” said the US Ministry of Finance.

“This service does not only make it easier for cyber criminals to disguise as a trusted brand when creating a fraud website but also allows them to quickly change to different domain names and IP addresses when legitimate providers try to bring down websites,” said the Ministry of Finance.