Irish Crime Gangs Rent Private Vaults to Hide Crypto Keys

Michael Gubbins, head of Ireland's Criminal Assets Bureau, told the Sunday Independent that organized crime gangs are renting private vaults to store cryptocurrency wallet private keys and seed phrases alongside cash, luxury watches, and passports. The situation has been reported to the government's anti-money laundering steering committee, which is preparing Ireland for the implementation of new EU anti-money laundering rules. The new EU regulations, set to take effect next summer, will ban cash transactions exceeding €10,000 and require businesses to verify the identity of individuals for cash expenditures of €3,000 or more. Gubbins noted that crime gangs believe cryptocurrencies offer anonymity, but cryptocurrency usage in Ireland remains relatively nascent, with cash still being the primary medium for criminal activities such as drug trafficking. The bureau is handling its largest-ever cryptocurrency seizure, involving 6,000 bitcoins confiscated in 2019 from a cannabis grower, whose private keys were written on paper and hidden in a fishing tackle box that was later lost. With assistance from Europol, the bureau cracked the first of 12 wallets in March, converting over €130 million of the €360 million in assets.