U.S. & EU Sanction Two Companies Facilitating Global Cybercrime
The U.S. and EU have taken coordinated action against two companies facilitating global cybercrime. Funnull Technology Inc., a Philippines-based firm, and Stark Industries, an ISP in European countries, have been exposed and sanctioned for their roles in virtual currency investment scams and cyberattacks. Funnull Technology Inc. has been exposed by KrebsOnSecurity for its part in virtual currency investment scams, which have resulted in over $200 million in U.S. victim-reported losses. The U.S. Department of the Treasury has imposed economic sanctions on the company and its administrator, Liu Lizhi. The Treasury stated that Funnull's operations are linked to the majority of such scam websites reported to the FBI. Stark Industries, an ISP in countries in Europe, has been found to have deeply penetrated U.S. ISPs and used U.S.-based cloud providers to bounce malicious traffic. The EU has imposed sanctions on Stark Industries and its co-founders, Ivan and Yuri Neculiti, for enabling Russian state-sponsored actors to conduct destabilising activities against the EU and third countries. The company was revealed as a global proxy solution used to obscure the true source of cyberattacks and disinformation campaigns against Russia's enemies, particularly during the early stages of the Russian invasion of Ukraine. Both companies have been exposed for their roles in facilitating cybercrime, resulting in significant financial losses and security threats. The coordinated sanctions by the U.S. and EU send a strong message to other potential offenders that such activities will not be tolerated.
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