Irish Crime Gangs Hide Crypto Keys in Rented Vaults
Irish crime gangs have been storing cryptocurrency seed phrases and private keys in rented vaults alongside cash, luxury goods, and other valuables. According to Detective Chief Superintendent Michael Gubbins, who heads the Criminal Assets Bureau (CAB), these groups believe digital assets provide anonymity.
Gubbins stated that while some organized crime groups have turned to cryptocurrency partly to spread the risk of having their assets seized, they still view it as a 'cash business' and use it relatively 'basic.' Cash continues to dominate the proceeds generated by drug trafficking in Ireland.
The CAB chief noted that renting vaults can contain access credentials for cryptocurrency wallets alongside other assets. He mentioned that private keys allow users to authorize transactions from crypto wallets, while a seed phrase can be used to restore access to a wallet.
Irish authorities are preparing for new EU anti-money laundering rules covering large cash transactions, crypto service providers, and other regulated businesses. The updated framework will impose a €10,000 maximum on cash payments for goods and services, although member states can adopt lower limits.