Irish Gangs Store Crypto Keys in Private Vaults, Asset Seizure Head Says
Michael Gubbins confirms criminal syndicates in Ireland rent security boxes for wallet phrases and private keys alongside cash and valuables.
Michael Gubbins, head of Ireland's state asset seizure unit, stated that organized crime groups are renting private security boxes to store cryptocurrency wallet phrases and private keys together with cash, luxury watches, and passports.
Custody Risk Highlighted
The practice places the recovery materials for digital assets in locations that law enforcement cannot easily access during investigations.
Scale Remains Unknown
No figures on the number of incidents, total value involved, or scale of the activity were disclosed.