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Bitcoin

$380 Million Bitcoin Seized By Irish Authorities Stuck In Limbo Over Missing Password

Ronaldo Marquez
by Ronaldo Marquez
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The Irish Criminal Assets Bureau (CAB) is facing significant challenges in accessing €350 million or approximately $383 million in Bitcoin (BTC) seized from a former drug dealer. 

The cryptocurrency, currently stored in 12 separate wallets, has become a point of contention for the Irish agency, which has been unable to unlock the assets for over five years since the initial seizure.

Seized Bitcoin Remains Locked Away

According to local media reports, the Bitcoin was confiscated from Clifton Collins, a 53-year-old former beekeeper from Dublin, who was involved in a “large-scale” cannabis operation. Collins managed to evade the attention of law enforcement for years, until a chance encounter led to his arrest in 2017. 

During a routine patrol, the Gardaí – the name given to the country’s national police force – reportedly discovered €2,000 worth of cannabis in Collins’ vehicle, prompting a wider investigation that uncovered his “extensive drug growing operations” across several rented properties.

Related Reading: Tether Celebrates 10 Years: CEO Paolo Ardoino Details Plans For The Future

Collins had initially invested in Bitcoin during its early years, around 2011 and 2012, when its value was significantly lower. As the cryptocurrency surged in popularity, adoption, and value, he opted to secure his growing wealth by distributing it across multiple virtual wallets. 

Police allege that Collins “meticulously” documented the digital keys required to access these wallets and stored the information in a fishing rod case at one of his rental properties in County Galway.

However, after a break-in at his home, Collins claimed he never saw the case again, creating a barrier to accessing his substantial Bitcoin holdings. The loss of this vital information has now left the bureau sitting on a digital fortune it cannot unlock.

Clifton Collins Sentenced To Five Years

From an initial value of €53 million at the time of seizure, the value of the seized assets has risen to €350 million, highlighting the increasing financial stakes involved.

Collins was eventually sentenced to five years in prison by the country’s authorities and later forfeited assets worth €1.2 million, including €1 million in Bitcoin to which he still had access codes. 

Related Reading: XRP ETF Round 2: Canary Capital’s Latest Move In The US Market

In its latest annual report, the Irish Criminal Assets Bureau revealed that it returned €8.6 million to the Irish Exchequer in 2023, the highest amount in 15 years, from a variety of cases, including those involving digital assets. 

Bitcoin
The 1D chart shows BTC’s price trending downwards for the past 5 days. Source: BTCUSDT on TradingView.com

At the time of writing, the largest cryptocurrency on the market was trading at $61,740, having lost its key support at $62,000 for BTC’s prospects of further price recovery as a result of a 1.4% retracement in the 24-hour time frame. 

Featured image from DALL-E, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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