Irish Crime Groups Use Private Vaults to Conceal Cash and Crypto Credentials

Irish crime groups are increasingly renting private vaults to store cash and cryptocurrency access credentials, according to recent reporting by the Criminal Assets Bureau. The practice brings a physical custody problem into cryptocurrency investigations, as authorities struggle to link the contents of the vaults to criminal activity.

The crypto element requires an important distinction: what can be placed inside a vault is not the cryptocurrency itself, but rather hardware wallets, recovery phrases, private-key backups, or other items needed to authorize transactions. A 12- or 24-word recovery phrase may restore an entire wallet, while additional protection such as a passphrase or multisignature arrangement can make it even more difficult for investigators to gain access.

For investigators, finding a credential begins three separate inquiries: which addresses it controls, who operated those addresses, and whether the cryptocurrency can be linked to criminal activity. Placing items in a vault may conceal them from investigators, but location alone does not establish money laundering. Authorities would still need evidence connecting the property to criminal proceeds or showing that it formed part of an arrangement intended to disguise ownership, origin, or control.

Ireland is considering crypto-specific seizure powers as part of its Proceeds of Crime and Related Matters Bill 2025. The bill aims to strengthen the Criminal Assets Bureau's ability to freeze and recover suspected criminal assets, including cryptocurrency. Proposed changes include payment-freezing measures designed for cryptocurrency, expanded search and seizure powers, and access orders intended to compel disclosure of credentials needed to obtain control.