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According to a report by the Irish Times, Dublin resident Clifton Collins amassed a fortune in BTC between 2011 and 2012 using funds derived from the illegal cultivation and sale of marijuana. Collins bought more than 6,000 BTC, which was trading for less than $5 per coin at the time.
Collins was arrested in 2017 for possession and sale of marijuana and sentenced to five years in prison. Prior to his arrest, he hid the codes to twelve separate wallets, each containing 500 BTC, inside the aluminum lid of a fishing suitcase.
The suitcase was stored in his rented house in Farnachte. The owner of the house sent most of the convict's belongings, including a case with codes, to a local landfill. Landfill workers told police they had seen the suitcase, however, the waste was eventually sent to Germany and China.
Although the Irish Criminal Assets Bureau had previously seized twelve of Collins' accounts, $59 million worth of bitcoin is still inaccessible without codes. Collins says he has come to terms with the loss of his funds, and sees it as a punishment for his actions.
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Ireland's Criminal Assets Bureau is unable to regain control of 12 wallets containing 5,500 BTC ($335.9 million) seized in 2019 from a drug dealer. At the time of the confiscation, they were valued at $56 million, writes the Irish Times.
In 2020, the High Court accused 49-year-old Clifton Collins of growing cannabis at home and ordered him to hand over the seized coins to the CAB.
The police opened a case in February 2017.
Collins was one of the first investors in digital gold.
CAB has not been able to access the confiscated first cryptocurrency for the past four years. During this time, its price jumped from $9000 to $61,300.
Collins first invested in bitcoin in 2011 at a price of $0.3 to $29. He claims that he hid a document with seed phrases in a fishing rod case, which could have disappeared the time of breaking into the apartment or cleaning after the arrest.
According to the CAB, Collins was charged €1.2 million ($1.3 million), including 89 BTC, as well as "a fishing boat, a gyroplane, a metal detector, an electric bicycle and various vehicles".
Collins was arrested in 2017 for possession and sale of marijuana and sentenced to five years in prison. Prior to his arrest, he hid the codes to twelve separate wallets, each containing 500 BTC, inside the aluminum lid of a fishing suitcase.
The suitcase was stored in his rented house in Farnachte. The owner of the house sent most of the convict's belongings, including a case with codes, to a local landfill. Landfill workers told police they had seen the suitcase, however, the waste was eventually sent to Germany and China.
Although the Irish Criminal Assets Bureau had previously seized twelve of Collins' accounts, $59 million worth of bitcoin is still inaccessible without codes. Collins says he has come to terms with the loss of his funds, and sees it as a punishment for his actions.
------
Ireland's Criminal Assets Bureau is unable to regain control of 12 wallets containing 5,500 BTC ($335.9 million) seized in 2019 from a drug dealer. At the time of the confiscation, they were valued at $56 million, writes the Irish Times.
In 2020, the High Court accused 49-year-old Clifton Collins of growing cannabis at home and ordered him to hand over the seized coins to the CAB.
The police opened a case in February 2017.
Collins was one of the first investors in digital gold.
CAB has not been able to access the confiscated first cryptocurrency for the past four years. During this time, its price jumped from $9000 to $61,300.
Collins first invested in bitcoin in 2011 at a price of $0.3 to $29. He claims that he hid a document with seed phrases in a fishing rod case, which could have disappeared the time of breaking into the apartment or cleaning after the arrest.
According to the CAB, Collins was charged €1.2 million ($1.3 million), including 89 BTC, as well as "a fishing boat, a gyroplane, a metal detector, an electric bicycle and various vehicles".
