Irish criminal gangs have started stashing seed phrases and private keys for crypto wallets in rented bank safety deposit boxes. That’s according to Michael Gubbins, head of Ireland’s Criminal Assets Bureau (CAB). He said the scheme was uncovered during ongoing investigations, and the details have now been passed on to the government’s anti-money laundering (AML) committee.

What CAB Discovered

According to CAB, these gangs are deliberately hiding access to their crypto assets: they’re moving critical wallet recovery data—seed phrases and private keys—into physically secured, rented bank vaults.

Getting Ready for New EU Rules

The government committee is prepping Ireland for new European Union regulations set to kick in by summer 2027. The package will ban cash transactions above €10,000 and make customer identification mandatory.

Why This Matters

What CAB is seeing shows a shift in criminal tactics—from simply moving funds to locking down access to digital assets. The authorities’ response lines up with the EU’s wider push for tougher anti-money laundering measures and stricter compliance across the financial sector.