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In a recent disclosure by Decrypt, it has come to light that the Irish Criminal Assets Bureau (CAB) is grappling with a significant challenge in accessing a stash of Bitcoin seized from notorious drug dealer Clifton Collins back in 2019. Despite the assets being held across 12 different wallets, the CAB has faced difficulties in breaking through the cryptographic defenses of these wallets. The seized Bitcoin, initially valued at approximately US$56 million, has seen a remarkable appreciation, currently estimated at US$378 million.
Collins, who ventured into Bitcoin investments in 2011, capitalized on the cryptocurrency’s early potential when prices fluctuated between US$0.30 and US$29. By the end of that year, Bitcoin had risen to US$4.72. In an odd twist, Collins maintains that the seed phrase necessary to regain access to his Bitcoin holdings was supposedly concealed within a fishing rod box at a rented property in County Galway, only to be lost following a subsequent break-in.
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