Philippines freezes 25 crypto wallets in flood-control plunder probe

The Philippine Court of Appeals has issued a freeze order on 116 financial assets, including 25 virtual asset wallets, 86 bank accounts, four investment accounts, and one insurance policy. The order is part of an ongoing plunder investigation into an unnamed prominent lawmaker and associated entities regarding alleged kickbacks from government flood-control projects.

The Anti-Money Laundering Council (AMLC) reported that investigators found no apparent operating revenues sufficient to justify the scale of the identified investments. The investigation suggests that funds were deliberately routed through various intermediaries, banks, money services, and digital platforms to obscure their origins.

The freeze order, issued under Republic Act No. 7080 (the Plunder Law), serves as interim relief to preserve property suspected of being connected to unlawful activity. While the AMLC has not disclosed the identities of the individuals or corporations involved due to confidentiality rules, the probe stems from a scandal that first emerged in 2025.