Jauhn Etienne Villaruel

In this file photo taken on June 17, 2014 in Washington, DC shows bitcoin medals. - Bitcoin surged to a near 16-month high above $11,000 June 24, 2019, overshadowing stock, foreign exchange and commodity markets and breathing new life into a sector that many had declared moribund. Bitcoin reached $11,280 at one point after powering through $10,000 for the first time since March of last year, propelled by a huge boost from Facebook's unveiling of its own digital unit Libra, analysts said. Karen Bleier, AFP

Article (news)

Rowegie Abanto

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/176464580623920190702-bitcoin-AfP-.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" spellcheck="false" style="text-align:left">Bitcoin medals. <em>Karen Bleier, AFP/File</em></span></span></span></div><p>MANILA — Some individuals allegedly involved in the flood control scandal are laundering their money through <a href="https://www.abs-cbn.com/business/2024/2/20/investing-in-crypto-read-this-first-611">cryptocurrencies</a>, the chairperson of the Independent Commission for Infrastructure&#x27;s  technical working group said Tuesday.</p><p>&quot;We&#x27;re seeing a new phenomenon that these personalities are laundering their money through crypto,&quot; said Renato Paraiso, also the acting executive director of the Cybercrime Investigation and Coordinating Center.</p><p>The recovery of ill-gotten wealth from cryptocurrencies such as Bitcoin and USDTs is quite challenging because the Philippines lacks regulation over the crypto market, Paraiso said.</p><p>&quot;The basis na naka-recover tayo ng USDTs, according to AMLC (Anti-Money Laundering Council), is just by mere cooperation kasi nakipag-cooperate sa atin &#x27;yung exchange ng USDT na nakita natin from one of the personalities...so na-recover natin &#x27;yun,&quot; he said.</p><p>&quot;Pero yung ibang exchanges, if hindi sila tumugon sa pakiusap natin, wala tayo magagawa because we don&#x27;t exercise jurisdiction, regulation over them.&quot;</p><p>Cryptocurrency is a form of digital currency, and unlike money in digital bank accounts, it has no physical equivalent. </p><p>Transactions done through crypto do not rely on banks, which means there is no need for one to present identification documents like IDs or birth certificates before trading.</p><p>Paraiso vowed &quot;to recover what we can, where we can find it, however we can recover those assets.&quot;</p><div><a href="https://www.abs-cbn.com/news/technology/2025/11/29/southeast-asia-grows-wary-of-crypto-mining-0913">Southeast Asia grows wary of crypto mining</a></div><p>He also warned that some illegally acquired funds through the flood control scam could be &quot;moved outside the country, to financial havens all around the globe.&quot; </p><p>&quot;So kasama sa pinag-uusapan is to get contracts, legal treaties natin with all countries para makita natin na even if located outside the country, ma-recover natin,&quot; he said.</p><div><a href="https://www.abs-cbn.com/news/technology/2025/12/1/cybercrime-seen-becoming-industry-in-2026-with-vibecoding-agentic-ai-ransomware-extortion-bots-1507">Cybercrime seen becoming ‘industry’ in 2026 with vibecoding, agentic AI, ransomware &#x27;extortion bots&#x27;</a></div><div><strong>— With a report from Benise Balaoing, ABS-CBN News</strong></div><div><strong><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/5W_q2FgF2Ew?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></strong><br/></div>

<p>Some personalities allegedly involved in the flood control scandal are laundering their money through cryptocurrencies, a member of the Independent Commission for Infrastructure said Tuesday.</p>

Some personalities allegedly involved in the flood control scandal are laundering their money through cryptocurrencies, a member of the Independent Commission for Infrastructure said Tuesday.

Funds from flood control scam being laundered through crypto: official

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Funds from flood control scam being laundered through crypto: official

Rowegie Abanto,

ABS-CBN News

Published December 02, 2025 11:34 AM PHT

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Updated December 02, 2025 03:46 PM PHT

Read More:

Flood Control

Flood Control Scandal

Cryptocurrency

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