In early 2025, a high-profile kidnapping stunned the Philippines: businessman Anson Que was abducted in broad daylight. His family was forced to pay a ransom totaling ₱200 million—significant portion of which was routed through cryptocurrency. What followed was a landmark investigation that not only revealed the cross-border laundering tactics used by the kidnappers, but also showed how blockchain analytics tools empowered Philippine law enforcement to track the ransom funds in near real-time.

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This case serves as a powerful example of how blockchain—often perceived as a shadowy financial technology—can instead become a transparent forensic tool when used correctly.

Crime Unfolded: From Pesos to USDT

According to the Philippine Star (May 8, 2025), the ransom was initially delivered in cash—in pesos and U.S. dollars—and then routed through junket-linked e-wallets before being converted into cryptocurrency, primarily Tether (USDT). Investigators found that the money was dispersed across at least ten digital wallets, many of them created using falsified identities. These wallets were tied to digital gambling and offshore financial platforms.

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The laundering route was complex: after initial conversions through junket operators like 9 Dynasty Group and White Horse Club, funds were quickly moved across blockchain networks using decentralized wallets, mixers, and international accounts, including those based in Cambodia, a hotspot for unregulated crypto operations.

Blockchain Trail: From Laundering to Tracing

Despite the perpetrators’ efforts to conceal the money flow, blockchain’s inherent transparency allowed authorities to follow the digital trail. The PNP Anti-Cybercrime Group, working with blockchain analytics firm Chainalysis, used a software tool called Chainalysis Reactor to map wallet transactions and detect suspicious flows of funds.

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In a report from GMA News (May 9, 2025), police confirmed they had successfully traced and frozen around $205,942 (₱11.4 million) across foreign wallets. However, they also reported that approximately $1.36 million (₱75.6 million) had already been withdrawn via USDT accounts based abroad, limiting recovery: “With the help of our foreign counterparts and blockchain specialists, we managed to trace wallet movements and flag high-risk transactions involving USDT,” PNP ACG Director PBGen. Ronnie Francis Cariaga noted. 

Law Enforcement Meets Blockchain Analytics

The effectiveness of the investigation lay not only in blockchain’s transparency, but also in cross-sector collaboration.

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According to Chainalysis’ 2025 Mid-Year Crypto Crime Report, the company provided real-time data support to the Philippine National Police, mapping the flow of ransom payments through USDT wallets and flagging accounts likely connected to known laundering operations. Chainalysis also coordinated with Tether, the issuer of USDT, which froze a portion of the funds upon request—a crucial intervention that prevented further laundering.

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Chainalysis stated in the report, “This case illustrates the growing importance of private-public blockchain intelligence partnerships. Reactor’s tracing capabilities were instrumental in identifying wallet linkages that human investigators couldn’t track manually

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Meanwhile, the Anti-Money Laundering Council (AMLC) launched its own parallel investigation. In a briefing cited by the Inquirer, the AMLC confirmed it was working with PNP, PAGCOR, and even casino regulators to track down the on-ramp and off-ramp points that allowed fiat and crypto conversion.

Crypto IS NOT Untraceable

The Anson Que case undermines a persistent myth that cryptocurrency is inherently anonymous and untraceable. In reality, most blockchain networks like Ethereum and Tron (used by USDT) are public ledgers where all transactions are visible. The challenge lies in making sense of this data, a task now enabled by tools like Chainalysis Reactor, TRM Labs, and Elliptic.

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This case also demonstrates the emerging role of stablecoins in crime and compliance. As USDT grows in global use—especially in underregulated regions—it becomes both a financial instrument and a regulatory challenge. However, this case shows that with institutional cooperation, even decentralized systems can be policed.

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The Anson Que investigation is now regarded as a milestone in Philippine blockchain forensics. It signals a future where agencies like the PNP, AMLC, and BSP will need dedicated blockchain intelligence divisions, regular cross-border coordination, and stronger ties with crypto firms.

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With the rise of crypto-related crimes—from scams to ransomware—such cases reinforce the need for capacity building, not just crackdowns. And perhaps most importantly, they show that blockchain technology doesn’t just enable crime—it can help stop it.

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