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Philippines’ Union Bank freezes some accounts on hacking report

Bloomberg
·1-min read
Philippine Peso currency notes. (Photo: Universal Education/Universal Images Group via Getty Images)
Philippine Peso currency notes. (Photo: Universal Education/Universal Images Group via Getty Images) (UniversalImagesGroup via Getty Images)

By Ditas Lopez

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 P5 million ($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.

© 2021 Bloomberg L.P.