Crypto Private Keys Become Gangsters' "New Collectibles": Irish Crime Syndicate Rents Private Vaults to Hoard Assets

BlockBeats News, September 7 - Michael Gubbins, head of Ireland's Criminal Assets Bureau (CAB), stated that local organized crime gangs have begun renting private vaults to store crypto wallet private keys and seed phrases, alongside assets such as cash, luxury watches, high-end goods, and passports. The practice came to light through CAB investigations and has since been reported to Ireland's Anti-Money Laundering Committee.

Gubbins noted that criminal gangs believe crypto assets offer anonymity, reducing the risk of asset seizure, but he pointed out that cryptocurrency use in Irish criminal activity remains "fairly basic," with cash still serving as the primary form of funding for illegal activities such as drug trafficking.

Ireland is currently preparing to implement new EU anti-money laundering rules, which will ban cash transactions exceeding €10,000 and strengthen oversight of crypto asset service providers and luxury goods retailers, among other sectors.