{"id":12943,"date":"2026-09-08T08:50:35","date_gmt":"2026-09-08T08:50:35","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12943"},"modified":"2026-09-08T08:50:35","modified_gmt":"2026-09-08T08:50:35","slug":"irish-gangs-turn-to-bank-vaults-to-hide-crypto-keys","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12943","title":{"rendered":"Irish Gangs Turn to Bank Vaults to Hide Crypto Keys"},"content":{"rendered":"

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  • Michael Gubbins, head of Ireland\u2019s Criminal Assets Bureau, said organised crime gangs are renting safe deposit boxes to store crypto private keys and seed phrases alongside cash, watches and passports.<\/span><\/li>\n
  • The bureau has identified about \u20ac360 million in cryptocurrency tied to crime, realised more than \u20ac130 million of it, and returned \u20ac15 million to the Irish exchequer last year.<\/span><\/li>\n
  • The disclosure lands as the EU prepares to cap cash payments at \u20ac10,000 and require identification above \u20ac3,000 from July 2027 under a new anti-money-laundering regime.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Irish crime gangs are renting safe deposit boxes to store the private keys and seed phrases that control their cryptocurrency, keeping the access codes offline and beyond the reach of investigators, the head of the state\u2019s Criminal Assets Bureau said.<\/p>\n

    Detective Chief Superintendent Michael Gubbins, who runs the bureau, the state agency that targets the proceeds of crime, told the Sunday Independent that the practice surfaced in the agency\u2019s own investigations and has been reported to the government\u2019s Anti-Money Laundering Steering Committee.\u00a0<\/p>\n

    Gangs lock hardware wallets and printed keys in private vaults next to cash, luxury watches and passports. The contents of one box \u201ccould be cryptocurrency keys or cash or watches or could even be passports\u201d, Gubbins said.<\/p>\n

    Read more: Bitcoin Breaks $80K as Mass Short Liquidations Fuel Crypto Rally<\/strong><\/p>\n

    Keys, Cash and Passports<\/h2>\n

    Criminals \u201cbelieve there\u2019s an anonymity attached to it\u201d, Gubbins said, though he called their use of crypto \u201cstill quite basic\u201d.\u00a0<\/p>\n

    Cash remains the trade\u2019s main currency. \u201cIt\u2019s still a cash business for those engaged in drug trafficking\u201d, he said. In one case, investigators recovered \u20ac230,000 (AU$370,638) in cash from a box at a private vault company.\u00a0<\/p>\n

    The bureau has also encountered professional launderers for hire, including hawala operators who settle value across borders for a commission of about 6%.<\/p>\n

    The bureau has identified about \u20ac360 million (AU$580 million) in cryptocurrency linked to criminal activity and has realised more than \u20ac130 million (AU$209.5 million) of it, Gubbins said, returning \u20ac15 million (AU$24 million) to the Irish exchequer last year.\u00a0<\/p>\n

    Its largest case dates to 2019, when it seized 6,000 Bitcoin from convicted cannabis grower Clifton Collins, who had split the holding across 12 wallets and printed the keys on a sheet of paper he later said he lost.\u00a0<\/p>\n

    With Europol\u2019s help, the bureau cracked the first of those wallets in March and has since recovered about 1,500 BTC. Large crypto seizures have become routine for European police, among them UK officers\u2019 record \u00a3114 million (AU$214 million) haul.<\/p>\n

    Tighter Rules Coming<\/h2>\n

    The disclosures come as Ireland prepares for stricter European Union anti-money-laundering rules.\u00a0<\/p>\n

    From July 2027, the bloc will cap cash payments at \u20ac10,000 (AU$16,115) and require identification for transactions above \u20ac3,000 (AU$4,834), part of a package that also creates a new EU anti-money-laundering authority based in Frankfurt.\u00a0<\/p>\n

    Related: SEC Chair Atkins Backs CLARITY Act as Senate Vote Looms<\/strong><\/p>\n<\/p><\/div>\n

    Cryptocurrency,Security#Irish #Gangs #Turn #Bank #Vaults #Hide #Crypto #Keys1788857435<\/p>\n","protected":false},"excerpt":{"rendered":"

    Michael Gubbins, head of Ireland\u2019s Criminal Assets Bureau, said organised crime gangs are renting safe deposit boxes to store crypto private keys and seed phrases alongside cash, watches and passports. The bureau has identified about \u20ac360 million in cryptocurrency tied to crime, realised more than \u20ac130 million of it, and returned \u20ac15 million to the<\/p>\n","protected":false},"author":1,"featured_media":12944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[25,62,6794,466,3633,354,816,4921],"class_list":["post-12943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-bank","tag-crypto","tag-gangs","tag-hide","tag-irish","tag-keys","tag-turn","tag-vaults"],"yoast_head":"\nIrish Gangs Turn to Bank Vaults to Hide Crypto Keys - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12943\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Irish Gangs Turn to Bank Vaults to Hide Crypto Keys\" \/>\n<meta property=\"og:description\" content=\"Michael Gubbins, head of Ireland\u2019s Criminal Assets Bureau, said organised crime gangs are renting safe deposit boxes to store crypto private keys and seed phrases alongside cash, watches and passports. 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