The FBI Washington Field Office is seeking to identify victims of cryptocurrency investment fraud scams facilitated by FUNNULL and other content delivery networks.

FUNNULL is a Philippines-based company that provides computer infrastructure for hundreds of thousands of websites tied to virtual currency investment scams, colloquially known as pig butchering scams, and other illicit activities. Perpetrators of these schemes build online relationships with victims to gain their trust and then convince the victims to use fraudulent websites that they control to invest in cryptocurrency. The scammers then steal the victim’ funds.

If you or someone you know has fallen victim to a cryptocurrency investment fraud scheme, you should file a report with the FBI’s Internet Crime Complaint Center at ic3.gov.

Cryptocurrency Investment Scams

Cryptocurrency investment fraud was one of the most prevalent fraud schemes last year. According to IC3’s Internet Crime Report, victims reported losing $9.3 billion in cryptocurrency to internet crime in 2024.

While details vary, techniques remain similar from scheme to scheme. Fraudsters create fake online personas and build virtual relationships with their targets. Once scammers form relationships with victims, they broach the topic of investing. Because victims believe they are communicating with someone they trust, they are more open to investing.

To bolster their schemes, fraudsters create fake websites designed to look like legitimate investment platforms. They direct victims to deposit funds via the phony websites.

Once the victims “invest,” returns on the investment platforms may appear to be extremely lucrative, encouraging victims to invest more. Sometimes scammers even allow victims to withdraw some earnings to further deceive them and reassure them that platforms are legitimate. However, once victims are ready to withdraw their money, they find their accounts frozen. Some fraudsters even tell victims that they can’t access their funds unless they pay fees or taxes.

Treasury Department Sanctions FUNNULL

On May 29, 2025, the Treasury Department’s Office of Foreign Assets Control designated FUNNULL pursuant to an executive order regarding foreign cyber actors who target or support the targeting of U.S. national and economic security.

FUNNULL purchases IP addresses in bulk and sells them to cybercriminals to host counterfeit cryptocurrency investment platforms and other malicious web content. Of the thousands of virtual currency investment scam websites reported to the FBI, a majority were supported by FUNNULL. The FBI suspects the estimated losses from these scam websites to be in the hundreds of millions of dollars.

Pursuant to an executive order, OFAC also designated Liu Lizhi, a Chinese national and FUNNULL administrator, for having acted or purported to act for or on behalf of FUNNULL.

The FBI’s Role

The FBI investigates fraudulent cryptocurrency investment platforms and companies. If you believe you have fallen victim to a cryptocurrency investment fraud scheme, file an IC3 complaint via ic3.gov. In your report you should include as many transaction details as possible, including cryptocurrency addresses, amount and type of cryptocurrency, date and time, and transaction ID (hash).

The FBI is legally mandated to identify victims of federal crimes it investigates, so investigators may try to contact potential victims via email or phone. Victims may be eligible for certain services, restitution, and rights under federal and/or state law. Your responses are voluntary but may be useful in the federal investigation and to identify you as a potential victim. Based on the responses provided, the FBI may contact you and ask you to provide additional information. However, investigators will never ask victims for money, ask victims to communicate on private messaging apps, or request victims’ financial information such as bank account numbers.

Protecting Yourself From Cryptocurrency Investment Fraud

Remember these tips to help protect yourself from cryptocurrency investment fraud and other online fraud schemes:

• Don’t respond to unsolicited messages about cryptocurrency investment opportunities.
• Don’t send cryptocurrency to or take cryptocurrency investment advice from someone you’ve never met in person.
• Independently verify all requests for payment of a debt. Don’t trust businesses that demand payment in cryptocurrency.
• Beware of get-rich-quick schemes. Don’t trust someone who guarantees high returns on cryptocurrency investments.