Philippine court freezes 25 crypto wallets and 86 bank accounts in flood control probe

The Philippine Court of Appeals has frozen 116 financial assets linked to a high-profile lawmaker. Twenty-five of them are crypto wallets. The order is part of a plunder investigation into alleged kickbacks from government flood-control projects. What got frozen, and why The freeze order is dated September 21, 2026. The Anti-Money Laundering Council (AMLC), which facilitated the order, announced it on October 1, 2026. The 116 assets break down like this: 86 bank accounts, 4 investment accounts, 1 insurance policy and 25 virtual asset wallets. The assets are linked to the lawmaker and to various associated parties. The legal basis is Republic Act No. 7080, the Philippines’ Plunder Law. Investigators say they have established probable cause connecting the frozen assets to a widespread kickback scheme around flood-control projects. The AMLC’s findings describe a deliberate effort to hide where the money came from. Funds were allegedly routed through numerous intermediaries, financial institutions and digital platforms. The council also flagged large sums that could not be justified by operational revenues. The identities of the people tied to these accounts have not been disclosed. Le...