The U.S. Federal Bureau of Investigation (FBI) recently revealed that a Philippine-based company, Funnull Technology Inc., has been providing infrastructure to cybercriminal groups behind large-scale cryptocurrency investment fraud (CIF) scams. According to official data, the schemes facilitated through this network have led to more than $200 million in victim losses in the U.S. alone.
The FBI tracked Funnull's infrastructure from October 2023 to April 2025, observing the use of domain generation algorithms (DGAs) to create scam websites, many of which spoof legitimate financial platforms. These sites are used to lure victims — often through romance or social trust scams — and funnel funds to criminal operations.
For Filipino enterprises and users, this news is a wake-up call. The Philippines is increasingly being leveraged in global cybercrime infrastructure — not necessarily as victims, but as enablers. This places additional pressure on local firms to vet vendors and secure their IT environment.
We at RapidStrike are monitoring developments closely and offer full support for businesses who want to ensure their infrastructure isn’t part of this global cybercrime network.
Source: Infosecurity Magazine — Original reporting by James Coker.