Irish Authorities Unable to Access $380 Million in Seized Bitcoin
Irish Criminal Assets Bureau unable to access $380M in seized Bitcoin due to lost digital keys.

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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BC.GAME Rebrands, Expands $BC Crypto Ecosystem
BC.GAME, a leading name in Web3 gaming, has unveiled a major brand overhaul, introducing a new logo, updated colour scheme, and the bold slogan “Stay Untamed.” The rebrand signals the company’s sharpened focus on crypto integration and its vision to build a global, community-driven Web3 entertainment ecosystem.

Ethereum Rally Stalls Near $2.58K as Holders Take Profits
Ethereum is priced at $2,438, marking a 3.5% decline in the last 24 hours after experiencing a 34% increase over the past week. According to data from Coinglass, open interest has fallen by 2%, suggesting a decrease in leveraged positions. This pullback comes after an impressive rally, during which ETH rose from $1,800 to over $2,500 in just a few days.

Truth Social Denies Memecoin Launch Amid Trump Token Controversy
Truth Social, the social media platform owned by Trump Media & Technology Group, has denied circulating rumours suggesting it is launching a memecoin. In an official post, the platform dismissed the speculation as false, reiterating that it had no involvement in any crypto token launch.

Record Inflows Boost Bitcoin ETFs and Digital Assets

Trending news
MoreCrypto prices
More








