(Bloomberg) — Union Bank of the Philippines said it has frozen several bank accounts amid an investigation into a report that they were allegedly used to receive funds from hacked accounts at another lender.
One of the accounts used 5 million pesos ($99,280) of stolen funds to buy Bitcoin on Dec. 11, according to a report from Manila Bulletin, citing an unidentified source.
“We will not hesitate to take legal action against individuals who use their accounts to facilitate criminal activities,” Union Bank President Edwin Bautista told Bloomberg in a text message Sunday.
Central bank Governor Benjamin Diokno said regulators are on “top” of the situation, and will issue a statement on the matter.
More stories like this are available on bloomberg.com
©2021 Bloomberg L.P.
