Gangs Hide Crypto Keys in Bank Vaults Amid EU Anti-Money Laundering Crackdown

The Irish Criminal Assets Bureau has discovered that organized crime gangs are using bank vaults to store their cryptocurrency private keys and seed phrases, alongside cash, luxury watches, and passports.

Bureau head Michael Gubbins stated that the practice was first uncovered in the agency's own investigations and has since been reported to the government's Anti-Money Laundering Steering Committee.

Gangs are storing hardware wallets and printed keys in private vaults next to cash, luxury watches, and passports. The contents of one box 'could be cryptocurrency keys or cash or watches or could even be passports', Gubbins said.

The bureau has identified approximately €360 million in cryptocurrency linked to criminal activity and has realised over €130 million of it, returning €15 million to the Irish exchequer last year.