The Philippine Court of Appeals has frozen 25 virtual asset wallets along with 86 bank accounts and other financial assets as part of an investigation into alleged corruption and plunder linked to the country’s flood-control projects.
The freeze order covers assets associated with an unnamed prominent lawmaker, a corporation, and several individuals and entities, according to the Anti-Money Laundering Council (AMLC). The court found probable cause that the covered assets were connected to alleged plunder under Republic Act No. 7080.
The authorities have not disclosed the value of the cryptocurrency held in the 25 wallets, the specific cryptocurrencies involved, or the wallet addresses. The AMLC has also not identified the virtual asset service provider involved.
Court Freezes Crypto and Traditional Financial Assets
The freeze order covers 116 accounts and other assets across several financial categories.
| Asset Type | Number Frozen |
| Virtual asset wallets | 25 |
| Bank accounts | 86 |
| Investment accounts | 4 |
| Insurance policy | 1 |
| Total | 116 |
Table 1. Assets covered by the Philippine Court of Appeals freeze order.
The order prevents the covered assets from being withdrawn, transferred, or otherwise disposed of while the investigation proceeds. A freeze order is an interim measure intended to preserve assets that authorities believe may be connected to unlawful activity. It does not by itself establish that the asset holders committed a crime.
The AMLC has kept the identities of the lawmaker and other parties confidential. The council has said legal restrictions prevent it from disclosing information that could identify individuals or entities involved in freeze-order proceedings.
AMLC Traces Funds Through Crypto and Banking Channels
The AMLC said its investigation found that funds connected to the case moved through multiple financial channels.
These included individual intermediaries, corporations, commercial bank accounts, money service businesses, virtual asset service providers, and multiple crypto wallets.
According to the AMLC, using different recipients and financial channels made the funds harder to trace and increased the distance between the transactions and their alleged source.
Investigators also said the people and entities under examination did not appear to have operating revenues sufficient to support the scale of investments identified during the investigation.
The AMLC did not disclose the total value of the investments or specify how much money allegedly moved through cryptocurrency compared with traditional financial institutions.
Crypto Had Already Emerged in the Flood Control Investigation
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 said individuals connected to the scandal had allegedly converted large amounts of Philippine pesos into USDT and other digital assets through intermediaries. Officials described transactions ranging from ₱50 million to ₱100 million as part of the patterns being examined.
Those figures were discussed during the earlier investigation and should not be treated as the value of the 25 wallets covered by the latest court order.
The earlier investigation also involved the use of cold wallets, peer-to-peer transactions and crypto exchanges, according to government officials. Authorities said these channels could make it harder to trace the movement of funds across jurisdictions.
Freeze Order Does Not Identify a Crypto Exchange
Although the AMLC said the funds passed through virtual asset service providers, it has not publicly identified the exchange or platform involved.
The council also has not published the blockchain addresses of the 25 frozen wallets or stated which digital assets they contain.
This means the latest order confirms that cryptocurrency wallets form part of the financial investigation, but the publicly available information does not establish that any particular crypto exchange or service provider was involved in wrongdoing.
The investigation covers both traditional and digital financial channels rather than focusing exclusively on cryptocurrency.
Philippine Authorities Can Continue the Asset Investigation
Philippine law allows a Court of Appeals freeze order to initially remain in effect for 20 days, subject to court proceedings and possible extensions. Authorities can also pursue further asset-preservation measures if the investigation develops into forfeiture proceedings.
The AMLC said it will continue working with government agencies and financial service providers to identify, trace, restrain and recover assets suspected of being connected to unlawful activity.
The latest order is also part of a wider government effort to investigate alleged corruption involving flood-control projects. Earlier AMLC actions have already resulted in court-approved freezes covering billions of pesos in assets connected to the broader investigation.
What Comes Next
Investigators are expected to continue tracing funds through banks, money service businesses, virtual asset service providers, and private wallets.
The next developments will likely depend on whether authorities seek further asset-preservation orders or file related forfeiture and criminal cases. More information about the 25 wallets, including their balances and transaction histories, could emerge if the courts or investigators release additional details.
What This Means for You: The freeze applies to specific wallets and financial accounts connected to an ongoing investigation. It does not mean cryptocurrency wallets or exchanges in the Philippines are generally being frozen. For now, authorities have not identified the wallets publicly or disclosed the cryptocurrencies or amounts involved.
