Philippines freezes 25 crypto wallets in flood probe

• The Philippines froze 25 virtual asset wallets linked to an alleged flood-control corruption scheme.
• The Court of Appeals also froze 86 bank accounts, four investment accounts and one insurance policy.
• The case highlights growing scrutiny of crypto channels in suspected illicit fund movements.

The Philippines has frozen 25 virtual asset wallets linked to alleged flood-control anomalies.

The Court of Appeals also froze 86 bank accounts, four investment accounts and one insurance policy.

The Anti-Money Laundering Council said the assets were linked to alleged plunder under Republic Act No. 7080.

Investigators traced funds through intermediaries, corporations, banks, a money service business and virtual asset platforms.

“The use of multiple recipients and financial channels complicated the tracing of the funds,” the Anti-Money Laundering Council stated in a press release.

The AMLC said private crypto wallets and virtual asset service providers added layers to suspected fund movements.

The investigation also highlighted the growing use of financial technology in transactions involving suspected illicit funds.

The initiative marks a direct shift toward tighter oversight of emerging digital asset channels in the Philippines.