Irish gangs are storing cryptocurrency keys in safety deposit boxes, as revealed by the head of the Criminal Assets Bureau.
Irish criminal organizations are increasingly storing seed phrases and private keys for cryptocurrency wallets in rented safety deposit boxes, according to Michael Gabbins, head of the Criminal Assets Bureau (CAB). This revelation came to light during an interview with the Sunday Independent.
Gabbins explained that the CAB discovered this trend while conducting investigations, prompting them to inform a government committee focused on enhancing anti-money laundering initiatives.
This committee is currently preparing for new European Union regulations set to be implemented in the summer of 2027, which will ban cash transactions over €10,000 and require identity verification for cash payments exceeding €3,000. Furthermore, providers of cryptocurrency services, luxury goods vendors, and crowdfunding platforms will face stricter oversight. Ireland's first national strategy to combat money laundering was published in August 2026.
According to Gabbins, these criminal groups are turning to digital assets to reduce the risk of asset seizure and to take advantage of the perceived anonymity offered by cryptocurrencies. However, he noted that the use of cryptocurrencies among criminals in Ireland remains rudimentary, with cash still prevalent in drug trafficking activities.
In addition, the CAB is probing the actions of professional money launderers, including hawala operators, who typically charge fees around 6%. Recently, the bureau seized €230,000 from a safety deposit box at a private storage facility.
The CAB also reported its largest cryptocurrency seizure to date in March 2026, aided by Europol, when it accessed one of 12 wallets containing 6,000 BTC seized in 2019 during a cannabis cultivation investigation. The private keys for these wallets had been hidden in a fishing rod case, which was unfortunately lost.
Gabbins revealed that the CAB has liquidated over €130 million worth of cryptocurrency, out of an estimated total value of €360 million. In 2025, the agency returned nearly €15 million to the Irish treasury.
Irish authorities have identified crypto assets as having "very significant" risks associated with money laundering and terrorist financing.
