Ireland's Gangs Stash Crypto Keys in Rented Vaults Amid Asset Recovery Challenges

Irish gangs are adopting an old-school approach to storing their cryptocurrency holdings. Instead of using digital methods to obscure their transactions, they're locking hardware wallets and private keys inside rented private vaults alongside cash and luxury watches.

The strategy relies on the physical storage of sensitive information needed to access wallets, creating a gap between what investigators can see on the blockchain and what they can seize. According to Ireland's Criminal Assets Bureau (CAB), this method is becoming increasingly popular among groups seeking to keep their digital wealth out of law enforcement's reach.

CAB Chief Bureau Officer Michael Gubbins noted that criminals believe there is a layer of anonymity in using private vaults, and while it's not entirely wrong, investigators need to establish a link between the contents and criminal proceeds before they can secure a forfeiture order.

In March 2026, CAB successfully accessed a previously locked wallet containing 500 BTC (valued at approximately €30 million) as part of a larger haul of 6,000 BTC seized in 2019. The operation was supported by Europol, highlighting the cross-border nature of both organized crime and crypto asset recovery.

CAB is now exploring new legislative tools to improve its ability to seize and freeze crypto assets, which don't fit neatly into the current legal framework designed for physical goods and bank accounts.