They say love is blind — but when it comes with a crypto wallet and a fake investment platform, it can also be very expensive.
In this publication, we’re uncovering a chilling international scam operation tied to a Philippine tech firm that’s now sanctioned by the U.S. Treasury. It’s a reminder that not all heartbreaks stay emotional — some hit the bank hard.
A Metro Manila-based company allegedly enabled a global romance-investment scam that defrauded victims out of over $200 million. The U.S. has now sanctioned the firm and its Chinese administrator for facilitating this massive digital fraud network.
How It Works:
This particular scam follows the notorious “pig butchering” model:
- Scammers initiate contact — usually through dating apps, social media, or even WhatsApp.
- They build a fake relationship, gaining trust through daily conversations, sweet talk, and fabricated backstories.
- Once the victim is emotionally invested, they introduce a crypto “investment opportunity.”
- The victim deposits money into fraudulent trading platforms that look real but are entirely controlled by the scammers.
- When the victim stops sending money, the scammer disappears, taking the entire “investment” with them.
These aren’t solo scammers either — they’re part of highly organized criminal networks, often using trafficked workers posing as romantic interests.
Who’s Targeted:
These scams typically prey on:
- Older adults, widows/widowers, and divorcees looking for companionship
- Crypto-curious individuals who aren’t financially savvy
- Professionals in the U.S., Canada, and Southeast Asia
- Victims across all ages who are active on social platforms or dating apps
Each victim reportedly lost an average of $150,000 — in some cases, their life savings.
Real-Life Example:
Funnull Technology Inc., based in the upscale Bonifacio Global City (BGC) in Manila, has been sanctioned for providing the infrastructure that powered over 332,000 scam-linked domain names.
According to the U.S. Treasury, Chinese national Liu Lizhi helped manage Funnull’s back-end systems — distributing domains, monitoring performance, and providing services to scammers running phishing, gambling, and fake investment sites.
One of Funnull’s tactics? Buying IP addresses in bulk from cloud providers, then renting them out to cybercriminals.
Their operation came under scrutiny after it bought Polyfill.io, a popular JavaScript library. Security experts noticed it was being used to redirect traffic from legitimate websites to scam pages — and Funnull was hosting those pages.
Why You Should Care:
Scammers aren’t just exploiting feelings — they’re weaponizing trust.
This scam merges romantic manipulation with financial fraud, leaving victims emotionally and financially devastated. And the infrastructure that enables these crimes is becoming harder to trace — especially when companies like Funnull operate from prestigious districts and appear fully legitimate.
As authorities warn, this isn’t just a foreign problem. Anyone with a smartphone and a heart can be a target.
How to Protect Yourself:
• Be skeptical of fast-moving online relationships. If someone wants to talk crypto before coffee, it’s a red flag.
• Never invest on platforms you didn’t research independently. Verify registration, company details, and reviews from multiple sources.
• Use reverse image search. Romance scammers often use stolen profile photos.
• Install web filters and blockers. Avoid loading suspicious JavaScript from unknown libraries like compromised Polyfill clones.
• Report it. If something feels off, report the profile or site to relevant authorities — don’t wait.
Quick Tips & Updates:
Quick Tip #1: “Pig butchering” scams often use emotionally charged language and time zone excuses to avoid video calls — be wary of anyone who won’t FaceTime or Zoom.
Pro Tip: Bookmark the real crypto exchange websites you use — and only use those. Never click links sent by someone else.
Update: The FBI has issued a Flash Alert and is asking victims of Funnull-linked sites to come forward. If you suspect you were targeted or lost money, report it via IC3.gov.
Stay safe, stay informed.
Keywords Defined:
• Pig Butchering – A scam where fraudsters build a fake relationship with a victim to “fatten” them up emotionally before convincing them to invest in a fraudulent scheme.
• Funnull Technology – A Philippine tech firm sanctioned for enabling scam infrastructure including over 332,000 domain names.
• Crypto Romance Scam – A form of online fraud combining romantic manipulation with fake cryptocurrency investments.
• Polyfill.io – A legitimate JavaScript code library that was hijacked by scammers to redirect users to malicious sites.
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