Ireland's Gangs Turn to Private Vaults for Crypto Anonymity

The Criminal Assets Bureau of Ireland has revealed that organized crime gangs are using private safe deposit boxes to store crypto wallet keys and seed phrases, along with cash, luxury watches, and passports.

According to detective chief superintendent Michael Gubbins, head of the state asset confiscation agency, these groups turn to cryptocurrencies to diversify risk against potential seizures and believe anonymity protects them.

The use of crypto assets in Ireland remains fairly basic, with cash still dominating as the primary vehicle for dirty money, especially in drug trafficking. The bureau has also detected professional money laundering networks operating hawala systems, charging commissions of around 6%.