Organized criminal groups in Ireland have turned to renting safe deposit boxes to safeguard critical information for accessing their cryptocurrency wallets, according to the head of the Criminal Assets Bureau (CAB). Criminals are storing wallet recovery phrases and private keys alongside money, luxury watches, and passports in these secure locations, making law enforcement efforts to seize digital assets increasingly complicated.
Safe deposit boxes: The latest tool for hiding funds
Detective Chief Superintendent Michael Gubbins, who leads CAB, reported that organized syndicates prefer the low-tech security of rented deposit boxes rather than relying on advanced digital techniques such as cryptocurrency mixers or complex exchanges. By keeping recovery phrases or hardware wallets inside a leased box, criminals can keep their assets visible on the blockchain while ensuring the keys needed to access them remain hidden from authorities.
Gubbins explained that although the funds are technically traceable and remain on-chain, law enforcement cannot seize the assets without the actual keys. Criminals believe this method offers them a sense of anonymity, as seizing one property does not guarantee access to the keys, which could be stored in a completely separate location.
Gubbins pointed out that, “There’s a perception of anonymity in this approach, even though the assets themselves are visible on the blockchain. The volatility of cryptocurrencies also adds risks for those trying to store illicit funds in them.”
In his remarks, Gubbins also emphasized that criminal activity in this area remains relatively unsophisticated compared to other laundering strategies. The majority of illicit funds in Ireland’s drug trade are still handled in cash.
Legal loopholes and enforcement challenges
The use of safe deposit boxes poses legal challenges for authorities. Renting a box is itself legal, which complicates efforts by the Criminal Assets Bureau to link the contents directly to criminal proceeds. Unlike freezing a suspect’s bank accounts, officers must provide a higher level of evidence to obtain forfeiture orders for items found in a deposit box.
Gubbins clarified that while the agency has observed gangs using cryptocurrencies as part of their activities, this method forms just one part of broader money-laundering schemes. Criminals also engage in hawala operations, a traditional method of transferring value without moving money physically.
He stressed that professional money launderers operating these systems remain among the main targets for the bureau.
Mini dictionary: The Criminal Assets Bureau (CAB) is Ireland’s national agency tasked with seizing, managing, and disposing of assets derived from criminal activity, including both physical property and digital assets.
Large cryptocurrency seizures
Despite the difficulties, the CAB has occasionally succeeded in gaining access to significant digital fortunes. In March 2026, the bureau unlocked a wallet containing roughly €30 million and 500 BTC, a portion of a larger 6,000 BTC haul that was seized in 2019 with support from Europol.
Such a figure stands out given that, over the past decade, CAB’s cumulative cryptocurrency auctions totaled only around €6.5 million. These high-profile seizures demonstrate the increasing scale of digital asset-related investigations in recent years.
| Year | BTC Seized (Wallet) | Value (€ million) |
|---|---|---|
| 2019 | 6,000 | Varied (by market price) |
| March 2026 | 500 (unlocked) | 30 |
| Last decade (total auctions) | – | 6.5 |
Stricter anti-money laundering rules ahead
Ireland is now preparing for new European Union anti-money laundering (AML) regulations that will be introduced next summer. The rules include bans on cash transactions over €10,000 and require identification for cash payments above €3,000. Cryptocurrency service providers, luxury goods dealers, and crowdfunding platforms will face tighter regulatory oversight.
Earlier this month, the Irish government unveiled its first national AML strategy, outlining an action plan that improves protections against crimes involving digital assets. The Criminal Assets Bureau is also considering new legislation that would facilitate the freezing and recovery of cryptocurrency holdings linked to criminal activity.
Authorities remain focused on adapting to new laundering techniques while addressing legal and enforcement challenges tied to the rise of cryptocurrencies in organized crime.
