Bitrabo Editorial
The Irish Criminal Assets Bureau (CAB) is encountering major difficulties in retrieving €350 million, or about $383 million, in Bitcoin (BTC) that was confiscated from an ex-drug dealer.
This cryptocurrency, held in 12 different wallets, has become a challenging issue for the Irish agency, which has struggled to access these assets for over five years since they were seized.
Bitcoin Still Locked Away
Local news sources report that the Bitcoin in question was taken from Clifton Collins, a 53-year-old ex-beekeeper from Dublin who ran a large cannabis operation. Collins managed to avoid capture for an extended period until he was arrested in 2017 due to a chance encounter.
During a routine check, the Gardaí — Ireland’s national police force — found €2,000 worth of cannabis in Collins’ car, which led to a deeper investigation revealing his extensive drug production across multiple rental properties.
Collins first invested in Bitcoin around 2011 and 2012 when its value was considerably lower. As Bitcoin’s value soared, he chose to safeguard his growing wealth by spreading it over several virtual wallets.
The authorities claim that Collins carefully noted down the digital keys needed to access these wallets and kept this information in a fishing rod case at one of his rental properties in County Galway.
However, following a burglary at his residence, Collins reported that he never recovered this case, creating a significant obstacle in accessing his considerable Bitcoin assets. This loss of crucial information has left the bureau unable to unlock a substantial digital asset.
Clifton Collins Receives Five-Year Sentence
From an initial worth of €53 million at the time of seizure, the value of the Bitcoin has surged to €350 million, emphasizing the rising financial implications involved.
Collins was ultimately sentenced to five years in prison and forfeited assets totaling €1.2 million, including €1 million in Bitcoin for which he still held the access codes.
In its most recent annual report, the Irish Criminal Assets Bureau mentioned that it returned €8.6 million to the Irish Exchequer in 2023, marking the highest recovery in 15 years, largely involving various cases including digital assets.
As of the latest updates, Bitcoin was trading at $61,740, having recently fallen below the critical support level of $62,000 due to a 1.4% decline in the last 24 hours, affecting its potential for price recovery.
Image provided by DALL-E, chart sourced from TradingView.com