Silent Push, a cybersecurity takedown firm, uncovered a massive crime organization while investigating a single financial services company's issues with spoofed trading apps. This led to the discovery of Funnull, a Philippines-based company that provided infrastructure for numerous financial scams. In May, Funnull and its administrator were sanctioned by the US Treasury due to their involvement in virtual currency scams that caused US victims significant financial losses. Bagnall emphasized that despite the horrors of crime, takedowns are not always beneficial for the threat intelligence sector.
Silent Push discovered a vast crime organization, initially linked to a single financial services company, involving 1.4 million live hosting sites for scams.
Funnull, a Philippines-based provider of computer infrastructure, is linked to the majority of virtual currency investment scams reported to the FBI, causing over $200 million in losses.
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