Ireland’s Criminal Assets Bureau is unable to access 380 million USD in Bitcoin seized from convicted drug dealer Clifton Collins in 2019 because it has lost the digital keys needed to unlock the funds, The Irish Times reported on Wednesday.
Criminal Assets Bureau seized virtual currency from former Dublin beekeeper who grew cannabis crops for years, without drawing Garda attention, until caught by chance https://t.co/66p9mRVCyU
— The Irish Times (@IrishTimes) October 9, 2024
Ireland’s Criminal Assets Bureau (CAB) seized Bitcoin from Collins, who had amassed the cryptocurrency using profits from his cannabis cultivation.
The original value was 58 million USD, but the asset’s value has increased significantly due to the rise in the market price of BTC. Authorities are still blocking access to these funds.
Irish Criminal Assets Bureau Bitcoin Seizure: 12 Wallets Seized in 2019
In 2019, authorities were investigating Collins’ illegal activities when they discovered that he had been investing his drug profits into cryptocurrency since 2011.
Collins spread his bitcoin across 12 wallets, writing down the access codes on a piece of paper he kept in a fishing rod case on one of his properties.
However, a thief broke into the building and stole the fishing rod case and important access codes.
Despite ongoing efforts by Irish authorities, the digital keys required to access the Bitcoin have not been recovered, leaving the funds locked and inaccessible.
The value of the seized cryptocurrencies has soared along with the BTC price, but CAB still has no access to the wallets.
Officials have expressed hope that technological advancements or other means will allow digital assets to be unlocked, but no solution has yet been found.
Ireland Strengthens MiCA Compliance Amid Rising Interest in Bitcoin
As efforts continue to find solutions to make BTC accessible, Ireland is working to ensure consistent cryptocurrency regulation across the European Union.
🇮🇪 Ireland is working closely with EU partners to ensure a unified approach to MiCA regulations, said @centralbank_ie deputy governor. #CryptoRegulation #MiCAhttps://t.co/egKe3dWFqi
— Cryptonews.com (@cryptonews) September 24, 2024
Central Bank of Ireland Deputy Governor Derville Rowland has stressed that Ireland is working with other EU countries to promote a unified implementation of the Crypto Asset Market Regulation (MiCA).
The European Supervisory Authorities (ESAs) are promoting a harmonised approach to MiCA compliance across Member States.
These adjustments are expected to reduce regulatory inconsistencies and create a more consistent market environment across the region.
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