Philippines Freezes Crypto Wallets in Flood-Control Corruption Probe
The Philippine Court of Appeals has issued a freeze order on 25 cryptocurrency wallets, along with 86 bank accounts and other financial assets, as part of an ongoing investigation into alleged corruption linked to the country’s flood-control projects. The order targets assets tied to an unnamed lawmaker, a corporation, and several individuals or entities, according to the Anti-Money Laundering Council (AMLC). The court found probable cause that the assets were connected to alleged plunder under Republic Act No. 7080.
The freeze order covers a total of 116 accounts and other assets, preventing them from being withdrawn, transferred, or disposed of while the investigation proceeds. The AMLC’s investigation revealed that funds moved through multiple financial channels, including individual intermediaries, corporations, commercial bank accounts, money service businesses, virtual asset service providers, and multiple crypto wallets. The use of different recipients and financial channels made the funds harder to trace.
The latest freeze order follows earlier disclosures that investigators were examining the use of cryptocurrency in the broader flood-control corruption investigation. In December 2025, government officials reported that individuals connected to the scandal had allegedly converted large amounts of Philippine pesos into USDT and other digital assets through intermediaries. Transactions ranging from ₱50 million to ₱100 million were part of the patterns being examined, though these figures do not represent the value of the 25 wallets covered by the latest court order.
The AMLC has not disclosed the value of the cryptocurrency held in the 25 wallets, the specific cryptocurrencies involved, or the wallet addresses. The council also has not publicly identified the virtual asset service provider involved. The freeze order does not by itself establish that the asset holders committed a crime, and the AMLC has kept the identities of the parties confidential due to legal restrictions.