Irelands Criminal Assets Bureau has uncovered that organized crime groups are renting private vaults to store cryptocurrency private keys, treating them as collectible assets alongside cash, watches, and passports. Despite the gangs' belief in crypto's anonymity, CAB chief Michael Gubbins says its use remains "quite basic" and cash is still king. New EU rules banning €10,000+ cash transactions and tightening crypto regulation are on the horizon.
Ireland’s criminal gangs have picked up a new way to protect their digital assets: they rent private vaults and stash cryptocurrency private keys and seed phrases there, right next to cash, luxury watches, and passports, according to Michael Gubbins, head of the Criminal Assets Bureau (CAB).
The find came during a CAB investigation and has since been reported to the Irish Anti-Money Laundering Committee. Gubbins said these gangs see cryptocurrencies as anonymous and think that makes asset seizure less likely. But he also said crypto use in Irish crime is still “quite basic,” with cash continuing to dominate drug trafficking and other illegal activity.
Ireland is getting ready to bring in new EU anti-money laundering rules that will ban cash transactions above 10,000 euros and impose tighter oversight on crypto asset service providers and luxury goods retailers.
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