Irish crime gangs store crypto seed phrases in rented vaults

Detective Chief Superintendent Michael Gubbins, head of Ireland’s Criminal Assets Bureau (CAB), said investigators have repeatedly found cryptocurrency private keys and seed phrases kept in rented vaults together with cash, watches, passports and other valuables.

Crypto credentials hidden in physical vaults

Vaults are being used to store access credentials for self‑hosted crypto wallets. Private keys allow transactions, while a seed phrase can restore a wallet. Losing either means permanent loss of funds; obtaining them enables theft.

Why criminals turn to digital assets

Gubbins explained that gangs use crypto to diversify risk and because they perceive it as offering anonymity. However, he noted drawbacks such as price volatility and the danger of losing passwords.

Crypto use remains basic, cash still dominant

Despite the presence of crypto, cash continues to be the primary medium for drug‑trafficking proceeds. Gubbins described crypto activity among Irish criminal groups as “still quite basic.”

Large seizure and ongoing recovery

The CAB has seized a holding of roughly 6,000 BTC linked to a convicted cannabis grower. Working with Europol’s European Cybercrime Centre, authorities have accessed several wallets, realizing more than €130 million of the estimated €360 million value.

Regulatory backdrop

Ireland is preparing for new EU anti‑money‑laundering rules that will limit cash payments to €10,000 and impose customer‑due‑diligence requirements on crypto‑asset service providers for transfers of €1,000 or more. The country’s national AML strategy (2023‑2030) also targets self‑hosted wallets and overseas crypto firms.