Irish Crime Groups Hide Stolen Crypto in Private Vaults Amid Growing Sophistication

Irish crime groups are adopting new tactics to hide their illicit wealth, shifting from traditional storage methods to private vaults that also hold cryptocurrency access keys.

A report by the Criminal Assets Bureau (CAB) found that gangs are renting these secure facilities to store high-value goods such as luxury watches and designer handbags, alongside digital assets like cryptocurrencies.

CAB Chief Bureau Officer Michael Gubbins noted that scammers believe an anonymity is attached to cryptocurrency, but also acknowledged its volatility in value.