Irish gangs store crypto keys in rented vaults

• Irish organised crime groups have stored crypto keys and seed phrases in rented private vaults.
• The keys have been kept alongside cash, watches, handbags and passports.
• Ireland’s Criminal Assets Bureau has reported the practice to a government anti-money laundering committee.

Irish organised crime groups have stored crypto private keys and seed phrases in rented private vaults alongside other valuables.

The Criminal Assets Bureau has identified the practice through its own investigations into organised crime groups.

“Could be cryptocurrency keys or cash or watches or could even be passports,” said Detective Chief Superintendent Michael Gubbins, who runs Ireland’s Criminal Assets Bureau.

Gubbins said gangs use crypto to spread seizure risks and because they believe it offers some anonymity.

However, he said criminal crypto use in Ireland remains “still quite basic”, while cash remains dominant in drug trafficking.

The bureau has reported the vault practice to Ireland’s Anti-Money Laundering Steering Committee as new EU rules approach.

The bureau is also working through a 6,000 Bitcoin (CRYPTO:BTC) seizure from 2019, with more than €130 million already realised.

At the time of reporting, Bitcoin price was $78,408.54.