Irish authorities unable to access $380M in Bitcoin seized from drug dealer
The access to the digital currency is impossible due to the loss of access codes.
In 2019, Irish authorities seized $380 million worth of Bitcoin from convicted drug dealer Clifton Collins, who had accumulated the funds through his cannabis business. However, the Irish Criminal Assets Bureau has been unable to access the digital currency because Collins lost the access codes, which were written on a piece of paper stored in a fishing rod case. The case was lost following a break-in at one of his properties, leaving the authorities unable to unlock the 12 wallets containing the funds.
Originally valued at $58 million, the Bitcoin has significantly increased in value due to market growth, but remains inaccessible. Despite ongoing efforts, the digital keys have not been recovered. Authorities hope that future technological developments could provide a way to unlock the funds.
Meanwhile, Ireland is strengthening its cooperation with EU countries to ensure unified enforcement of cryptocurrency regulations under the Markets in Crypto-Assets Regulation (MiCA).
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