Cryptocurrency crackdown as gardaí freeze accounts with €350k and arrest man after raid

Gardaí have arrested a man and frozen cryptocurrency accounts holding almost €350,000 following a search operation targeting organised criminal activity.

The operation took place on Monday, February 2, in Galway where gardaí searched a residential property in the Doughiska area under warrant.

A man, aged in his 20s, was arrested during the operation and is currently being detained at a Garda station in the North Western Region.

Two cryptocurrency accounts containing $410,000 and an account at a local financial institution holding more than €20,000 were frozen as part of the operation.

A Garda spokesperson said the operation was part of an ongoing investigation into organised criminal activity in the Galway Division.

READ MORE | ALERT: Met Éireann extends weather warnings as Ireland braces for rain to dominate week

“During the course of the operation, a residential property in the Doughiska area was searched under warrant by the Galway Divisional Drugs Unit, assisted by members of the Regional Armed Support Unit and personnel attached to Millstreet Garda Station,” the spokesperson said.

“A male in his 20s was arrested and is currently being detainedunder Section 50 of the Criminal Justice Act, 2006 at a Garda station in the North Western Region.”

The Garda spokesperson confirmed that the investigation is continuing.

“As part of this operation, two cryptocurrency accounts containing $410,000 have been frozen, along with an account at a local financial institution holding over €20,000,” the spokesperson said.

Gardaí said further updates will follow as the investigation progresses.