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 countrys Criminal Assets Bureau. 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 Irelands Anti-Money Laundering Steering Committee. Gubbins said rented vaults can contain access credentials for cryptocurrency wallets alongside assets traditionally associated with criminal proceeds. “Could be cryptocurrency keys or cash or watches or could even be passports,” he said. “Again, its from our experience, what we would have seen around those matters.” Private keys allow users to authorize transactions from crypto wallets, while a seed phrase can be used to restore access to a wallet. Losing either can permanently prevent an owner from accessing funds, while someone who obtains them may be able to take control of the associated cryptocurrency. Irish crime gangs are spreading assets across crypto and cash Gubbins said criminal groups have turned to cryptocurrency partly to spread the risk of having their assets seized and because they believe digital assets provide









