Philippine Court Freezes 25 Crypto Wallets in Flood-Control Probe

The Philippine Court of Appeals issued a freeze order on 116 financial assets linked to an unnamed lawmaker and associated parties. The assets, which include 25 virtual asset wallets, 86 bank accounts, four investment accounts, and one insurance policy, are tied to an investigation into alleged kickbacks from flood-control projects.

The Anti-Money Laundering Council facilitated the order, which is dated September 21, 2026, and was announced on October 1, 2026. The legal action is based on Republic Act No. 7080, known as the Philippines’ Plunder Law, following findings of probable cause regarding the illicit scheme.

Investigators allege that funds were moved through various intermediaries, financial institutions, and digital platforms to obscure their origins. The Anti-Money Laundering Council noted that large sums were identified that could not be justified by operational revenues.

The identities of those involved remain confidential as the legal proceedings continue. This development follows a scandal that first emerged in 2025, which has previously resulted in asset freezes totaling tens of billions of pesos.

The inclusion of crypto wallets in the freeze order highlights the role of digital financial channels in the alleged scheme. Authorities are now testing their ability to trace and preserve funds held in digital form alongside traditional banking assets.

Future developments in the case may include the eventual disclosure of the parties involved, which could increase public and political attention. The scope of the investigation remains a focal point, given the significant value of assets already frozen in earlier stages of the probe.