Cryptocurrency Private Keys Emerge as Gangs’ New Prized Assets: Irish Criminal Syndicates Rent Private Vaults to Hoard Crypto Holdings
52 minutes ago
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 mnemonic phrases, alongside assets such as cash, luxury watches, high-end goods, and passports. This practice was uncovered in CAB investigations and has been reported to Ireland’s Anti-Money Laundering Committee. Gubbins noted that criminal groups view crypto assets as anonymous, reducing the risk of their assets being seized, but he pointed out that crypto’s use in Irish criminal activities remains “fairly basic”, with cash still the primary funding source for illegal activities like 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 sectors including crypto asset service providers and luxury goods retailers.
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