- Irish gangs are hiding crypto seed phrases and private keys in rented security boxes.
- The keys are stored alongside cash, watches and passports to make seizures harder.
- CAB says crypto crime remains limited, with cash still dominant in drug-related crime.
Organized criminal syndicates in Ireland are now using rented security boxes to keep the phrases and private keys needed to access their cryptocurrency wallets safe. They are storing them along with money, luxury watches, and passports where the police cannot easily locate them, the head of the state’s asset seizure unit said.
Michael Gubbins, a Detective Chief Superintendent of the Criminal Assets Bureau (CAB) of Ireland, revealed this technique. However, the agency has already flagged it to the government’s Anti-Money Laundering Steering Committee.
Why does a rented box beat a mixer?
The advantage is its low-tech nature. Rather than sending funds through a mixer or exchange for conversion into anonymous cryptocurrency, the criminals seal the hardware wallet or piece of paper bearing the 24-word phrase inside a sealed box at a place that the gang has leased.
The funds remain on-chain and open to observation by anyone who cares to monitor the blockchain. The only thing that disappears is the key. Without it, confiscated wallets are useless, and searching one site does not mean that the keys are found; they might be stored elsewhere.
Gubbins explained that the criminals rely on a perceived security measure. “There’s a sense that there’s anonymity associated with it,” he was quoted as saying in the paper. This is supplemented by his personal caveat that the volatility of cryptocurrencies hampers anyone trying to store ill-gotten funds in them.
A legal loophole is helping Irish gangs
Renting a safe deposit box is legal, and that’s the problem. News sources have revealed that for CAB to get a forfeiture order, they must link the contents of a box to the proceeds of crime. This means a greater burden of evidence compared to when they freeze the assets of a suspect in a bank account.
While explaining the situation in Ireland, Gubbins did not present crypto as an absolute solution but as one of many. “Even though we do see them using it, it’s not the only way of laundering their money,” Gubbins stated. Despite this, the bureau still deals with professional money launderers who run hawala operations—a system of transferring funds without actually moving the cash.
According to Gubbins, the use of cryptocurrency by criminals in Ireland is “still quite rudimentary,” and dirty money is mostly cash in the drug trade.
A locked wallet worth €30 million
Nevertheless, CAB has shown the ability to break these holdings, but seldom. In March 2026, the bureau managed to open a wallet worth around €30 million containing 500 BTC. This wallet was a part of the 6,000 BTC wallet captured in 2019 by the bureau, with Europol supporting this operation.
The size of a single wallet is impressive compared to the achievements of the bureau over the last few years. During the last decade, the bureau managed to sell seized cryptocurrency amounting to only €6.5 million.
New EU money rules come next summer
At the same time, this disclosure coincides with preparations by Ireland for new EU anti-money laundering rules coming into effect next summer. These regulations will introduce bans on payments in cash above €10,000 and require identification of any person paying more than €3,000 in cash. Cryptocurrency asset service providers, luxury goods vendors, and crowdfunding platforms have been put under strict control.
Ireland has presented its first national anti-money laundering strategy this month after having developed an action plan that enhances protection against cryptocurrency-related money laundering. At the same time, CAB contemplates introducing new legislation regarding the seizure and freezing of digital assets.
The smartest crypto minds already read our newsletter. Want in? Join them.
FAQs
What are Irish crime gangs doing with crypto keys?
According to Ireland's Criminal Assets Bureau, gangs are renting private vaults to store the seed phrases and private keys that control their crypto wallets, keeping them alongside cash, luxury watches and passports so the credentials stay out of law enforcement's reach.
Why is hiding keys in a vault hard for investigators to counter?
Renting a vault is legal, so before CAB can obtain a forfeiture order, it must prove the box's contents are the proceeds of crime, a heavier burden than freezing a bank account.
How much seized crypto has CAB actually recovered?
In March 2026, CAB accessed a locked wallet holding 500 BTC worth about €30 million, part of a 6,000 BTC haul seized in 2019, while over the past decade it has sold seized crypto worth roughly €6.5 million in total.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ashish Kumar
Ashish Kumar is a crypto and financial journalist with eight years of newsroom experience. He covers what’s happening with crypto markets, regulation, DeFi, and exchange ecosystems. He has worked with Coingape, Todayq, and Newsroompost. Ashish holds a PGDP in English Journalism from the IIMC. He has also interviewed industry figures including Arthur Hayes, Yat Siu, Austin Federa, and more.
