Irish crime groups reportedly use private vaults to store crypto credentials and luxury goods

  • Irish crime groups store cryptocurrency credentials in rented safe-deposit boxes with cash and valuables.
  • CAB accessed a 500-BTC wallet valued near €30 million in March 2026.
  • EU anti-money-laundering rules take effect in Ireland in July 2027.

Organized crime groups in Ireland are placing cryptocurrency private keys and 24-word seed phrases in rented safe-deposit boxes alongside cash, luxury watches and passports, Detective Chief Superintendent Michael Gubbins of the Criminal Assets Bureau said. The approach can leave funds traceable on a blockchain while making a seized wallet inaccessible if investigators cannot find its credentials, and CAB must link a box's contents to criminal proceeds to obtain a forfeiture order. Gubbins said criminal crypto use remains rudimentary, with cash still dominant in drug trafficking and hawala networks used alongside digital assets. CAB accessed a 500-BTC wallet worth about €30 million in March 2026 from a 6,000-BTC holding seized in 2019, while reported figures on the bureau's crypto proceeds differ. Ireland has also presented its first national anti-money-laundering strategy and is preparing for EU rules scheduled to take effect in July 2027.

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