Irish crime groups shift to private vaults to hide stolen crypto: ‘Anonymity attached to it’

Each day brings in new information around how scams are slowly clouding the crypto space. Despite multiple efforts from lawmakers, agencies and exchanges, scammers are finding in new ways to spread their spiderweb of attacks.

According to an Irish Independent news report, organized crime groups are now trying to hide and protect the money and valuables they make from illegal activities.

Instead of keeping everything in a house, office, or other location that police could easily search, gangs are reportedly renting private storage vaults.

All about the criminals’ vault

The vault is expected to hold six-figure luxury watches, designer handbags, and other high-value goods, as well as cryptocurrency access keys or credentials that can provide control over digital assets.

Remarking on the same, Michael Gubbins, the current Chief Bureau Officer of the Criminal Assets Bureau (CAB), said,

They [attackers] believe there’s an anonymity attached to it, but also the one vulnerability is that a lot of the cryptocurrency is quite volatile in value.

However, Gubbins also added,

So while we do see them doing it, it is not the sole way of laundering money.

Scammers increased sophistication for crimes

Yet, still, this new move by the criminals has added another layer of sophistication from the criminals’ side. Even if law enforcement discovers one location, the criminals’ entire collection of assets may not be found there.