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      Irish Criminal Gangs Rent Private Vaults to Hide Crypto Keys

      PANews, September 7 - According to Decrypt, Michael Gubbins, head of the Irish Criminal Assets Bureau, stated that organized crime gangs are renting private safety deposit boxes to store cryptocurrency wallet private keys and seed phrases, alongside cash, luxury goods, and passports. This practice has been reported to the government's Anti-Money Laundering Steering Committee, which is preparing for new EU regulations set to take effect in Ireland next summer - at which point cash transactions exceeding €10,000 will be banned, and any merchant spending over €3,000 in cash will need to identify customers. Gubbins noted that criminal gangs believe cryptocurrencies offer anonymity, but price volatility and the risk of losing wallet passwords are major issues, and Irish crime groups' use of cryptocurrency remains "quite basic," with cash still dominant.


      Source: PANews
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