Irish Authorities Unable to Access $380 Million in Seized Bitcoin

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated:

October 9, 2024 10:52 EDT

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The Irish Criminal Assets Bureau has been unable to access $380 million in Bitcoin seized from convicted drug dealer Clifton Collins in 2019, as the digital keys required to unlock the funds were lost, according to a Wednesday report from The Irish Times.

The Irish Criminal Assets Bureau (CAB) confiscated the Bitcoin from Collins, who had amassed the cryptocurrency through proceeds from his cannabis-growing operation.

Despite the original value of $58 million, the asset’s value has surged substantially due to Bitcoin’s rising market price, but authorities remain locked out of the funds.

Irish Criminal Assets Bureau Bitcoin Seizure: 12 Wallets Confiscated in 2019

In 2019, during an investigation into Collins’ illicit activities, authorities discovered that he had invested his drug earnings in cryptocurrency starting in 2011.

Collins had distributed his Bitcoin across 12 wallets, recording the access codes on a piece of paper that he kept in a fishing rod case at one of his properties.

However, following a break-in at the property, the fishing rod case and the crucial access codes were lost.

Despite ongoing efforts by Irish authorities, the digital keys required to access the Bitcoin have not been recovered, leaving the funds locked away and inaccessible.

While the value of the seized crypto has soared in line with Bitcoin’s market price, the CAB remains unable to access the wallets.

Officials have expressed hope that technological advancements or other means may eventually unlock the digital assets, but so far, no solution has been found.

Ireland Strengthens MiCA Compliance Amid Growing Focus on Bitcoin

While the search for a solution to access the Bitcoin continues, Ireland is also working to ensure consistent enforcement of cryptocurrency regulations across the European Union.

Derville Rowland, the deputy governor of the Irish Central Bank, emphasized that Ireland is collaborating with other EU nations to promote uniform implementation of the Markets in Crypto-Assets Regulation (MiCA).

The European Supervisory Authorities (ESAs) have been pushing for a harmonized approach to MiCA compliance across member states.

This alignment is expected to reduce regulatory discrepancies and create a more cohesive market environment throughout the region.