Philippines Freezes 25 Crypto Wallets in Flood-Control Corruption Probe
A court in the Philippines has frozen 25 cryptocurrency wallets tied to an unnamed lawmaker in connection with a flood-control corruption investigation.
The freeze order, issued on September 21, covers 116 accounts and assets, including 86 bank accounts, four investment accounts, one insurance policy, and 91 other financial accounts. The Philippine Court of Appeals froze the assets under probable cause that they are related to alleged plunder under Republic Act No. 7080.
The Anti-Money Laundering Council (AMLC) stated that funds linked to the investments moved through individual intermediaries, corporations, bank accounts, a money service business, and virtual asset platforms. Multiple recipients and financial channels complicated the tracing of the funds, the AMLC said.