CandleFocus Irish Criminal Assets Bureau Unable to Access Drug Dealer's $378 Million in Seized Bitcoin
2024-10-09
Author: Content Editor
The Criminal Assets Bureau (CAB) in Ireland is holding Bitcoin, valued at €345 million ($378 million), that was seized from a drug dealer in 2019. The Bitcoin, originally worth $56 million at the time of seizure, has been held in 12 wallets that the CAB has been unable to access for the past four years. The drug dealer, Clifton Collins, claims to have hidden the seed phrases for his BTC wallets in a fishing rod case that was either lost in a break-in or during a property clear-out. Governments around the world have been profiting from Bitcoin seized in criminal cases, with the German government recently selling €2.6 billion ($2.9 billion) worth of Bitcoin seized in a money laundering investigation. The U.S. government is also set to sell a $4.4 billion stash of Bitcoin seized from Silk Road.
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