‘Cryptocurrency ransom payment signals shadow economy infiltration’

MANILA, Philippines — The P200-million ransom paid in the form of e-wallets and cryptocurrency platforms in the kidnapping of businessman Anson Que presents a “deep and alarming national security threat” as it managed to “infiltrate” the government’s financial system, Rep. Robert Ace Barbers warned.

“This is no longer just about ransom – it’s about a vast shadow economy of crime that’s infiltrating and abusing our financial system,” Barbers said.

The Philippine National Police  (PNP) said the ransom money was routed through two junket operators – 9 Dynasty Group and White Horse Club – before being dispersed across at least 10 e-wallets, many registered under false identities.

The funds were later converted into cryptocurrency, making recovery and tracing efforts difficult.

One of the e-wallets used was reportedly owned by a Chinese national previously arrested for espionage, according to the Anti-Money Laundering Council.

While direct links between the kidnapping and espionage have not been established, Barbers said the overlap is deeply concerning.

“These are not isolated incidents. Junkets and POGOs (Philippine offshore gaming operators) have become channels for money laundering, kidnapping and possibly even espionage,” Barbers said. “It’s a toxic mix that’s endangering the safety of our people and the integrity of our financial and national security systems.”

“What we’re dealing with here is a deeply entrenched network of foreign syndicates using the Philippines as a safe haven for financial crimes,” he added.

Barbers warned that organized crime groups are exploiting weaknesses in the country’s digital finance infrastructure, including inadequate enforcement of Know-Your-Customer regulations among e-wallet and virtual asset providers.

The PNP said that while authorities were able to freeze around P4.4 million in overseas accounts, most of the ransom has vanished into the crypto ecosystem.

A red notice has been issued for key suspects, including Wenli Gong, who allegedly facilitated the digital laundering of the funds.

The lawmaker urged Congress, law enforcement agencies and financial regulators to tighten oversight of junkets, POGOs and crypto transactions, warning that without swift reforms, the Philippines risks becoming a “haven for transnational crime.”

“We must not be complacent. Our sovereignty, our national security and the safety of our people are at stake. This is a battle we cannot afford to lose,” Barbers stressed.

He said the case reflects how criminal syndicates have adapted to exploit digital tools and weak regulations for transnational operations, underscoring the need to reinforce President Marcos’ law-and-order agenda with stronger legislation and enforcement.

“These criminals are sophisticated, well-financed and well-connected. They must be met with the full force of the law,” he added.