Irish crime gangs are storing crypto seed phrases in rented vaults: report

Organized crime groups in Ireland have been storing cryptocurrency private keys and seed phrases in rented vaults alongside cash and luxury goods as criminals spread their assets across different forms, according to the head of the country’s Criminal Assets Bureau. Summary Irish organized crime gangs are storing crypto private keys and seed phrases in rented vaults alongside cash, watches and other valuables. Ireland’s Criminal Assets Bureau said crypto use among criminal groups remains relatively basic, with cash still dominant in drug trafficking. Ireland is preparing for new EU anti money laundering rules covering large cash transactions, crypto service providers and other regulated businesses. CAB has realized more than €130 million from a 6,000 BTC holding seized from a cannabis grower as authorities continue working through the wallets. The Sunday Independent reported that Detective Chief Superintendent Michael Gubbins, who heads the Criminal Assets Bureau, said investigators had encountered the practice during their own cases and had raised the issue with Ireland’s Anti-Money Laundering Steering Committee. Gubbins said rented vaults can contain access credentials for cryptoc...