The Irish Criminal Assets Bureau (CAB) is facing major challenges in recovering 350 million euros or about $383 million in Bitcoin (BTC) seized from a former drug dealer.
A cryptocurrency, currently held in 12 different walletsit has become a point of contention for the Irish agency, which cannot open the property for more than five years from the first seizure.
Held Bitcoin Remains Locked
According to local media reportsThe Bitcoin was seized from Clifton Collins, a 53-year-old former beekeeper from Dublin, who was involved in a “large-scale” cannabis operation. Collins managed to escape the attention of law enforcement for many years, until his encounter led to his arrest in 2017.
During a routine search, Gardaà – the name given to the country’s police force – reportedly found €2,000 worth of cannabis in Collins’ car, prompting a wide-ranging investigation to reveal his “extensive drug-growing operations” across a number of rented properties.
Collins had originally invested in Bitcoin during its early years, around 2011 and 2012, when its value was very low. Since i crypto currency Due to popularity, adoption, and value, he chose to protect his growing wealth by spreading it across multiple wallets.
Police allege that Collins “carefully” recorded the digital keys needed to access the wallets and stored the information in a fishing rod case at one of his rentals in County Galway.
However, after breaking into his home, Collins said he never saw the case again, creating a barrier to accessing his large Bitcoin. to hold. The loss of this vital information has now left the bureau with a digital treasure trove that it cannot unlock.
Clifton Collins Sentenced to Five Years
From the initial amount of 53 million euros at the time of the seizure, the value of the seized goods increased to € 350 million, which highlights the increase. funds those involved.
Collins was eventually sentenced to five years in prison by the country’s authorities and later had €1.2 million worth of assets confiscated, including €1 million worth of Bitcoin he still had the access codes to.
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 various crimes, including those involving digital assets.
At the time of writing, the largest cryptocurrency in the market was trading at $ 61,740, losing its main support at $ 62,000 with hopes for BTC to recover the price due to the recovery of 1.4% in the 24-hour period.
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