{"id":17669,"date":"2024-10-10T15:09:16","date_gmt":"2024-10-10T12:09:16","guid":{"rendered":"https:\/\/forklog.com\/en\/irish-authorities-lose-access-to-5500-btc-seized-from-drug-dealer\/"},"modified":"2024-10-10T15:09:16","modified_gmt":"2024-10-10T12:09:16","slug":"irish-authorities-lose-access-to-5500-btc-seized-from-drug-dealer","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/irish-authorities-lose-access-to-5500-btc-seized-from-drug-dealer\/","title":{"rendered":"Irish Authorities Lose Access to 5500 BTC Seized from Drug Dealer"},"content":{"rendered":"

The Criminal Assets Bureau (CAB) of Ireland is unable to regain control over 12 wallets containing 5500 BTC ($335.9 million), confiscated in 2019 from a drug dealer. At the time of seizure, they were valued at $56 million, reports Irish Times<\/a>.<\/p>\n

In 2020, the High Court charged 49-year-old Clifton Collins with home-grown cannabis cultivation and ordered the seized coins to be handed over to the CAB<\/span>.<\/p>\n

The police initiated the case in February 2017.<\/p>\n

Collins was among the early investors in digital gold.<\/p>\n

For the past four years, CAB has been unable to access the confiscated cryptocurrency. During this period, its price surged from $9000 to $61,300.<\/p>\n

Collins first invested in Bitcoin in 2011 when prices ranged from $0.3 to $29. He claims to have hidden the document with seed phrases in a fishing rod case, which might have disappeared during a break-in or cleaning after his arrest.<\/p>\n

According to CAB, \u20ac1.2 million ($1.3 million) was recovered from Collins, including 89 BTC, as well as “a fishing boat, a gyrocopter, a metal detector, an electric bicycle, and various vehicles.”<\/p>\n

In April, Arkham revealed<\/a> the cryptocurrency holdings of various nations.<\/p>\n

At that time, Germany was among the top three, having completely disposed of 49,858 BTC for \u20ac2.6 billion ($2.88 billion)<\/a> in July.<\/p>\n

The United States holds 203,239 BTC<\/a> and other cryptocurrencies valued at approximately $12.8 billion.<\/p>\n

In December 2023, an appellate court formalized the confiscation of 69,370 BTC belonging to the Silk Road darknet marketplace, which was shut down over a decade ago. The funds were seized in November 2020.<\/p>\n

In April 2024, a U.S. government-controlled wallet with 30,174 BTC initiated a transfer of ~2000 BTC<\/a> to a Coinbase Prime address. In August, as part of the next transaction, the wallet transferred 10,000 BTC<\/a>.<\/p>\n

In July, the U.S. Marshals Service selected<\/a> the mentioned platform for storing and liquidating high-capitalization cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Criminal Assets Bureau (CAB) of Ireland is unable to regain control over 12 wallets containing 5500 BTC ($335.9 million), confiscated in 2019 from a drug dealer. At the time of seizure, they were valued at $56 million, reports Irish Times. In 2020, the High Court charged 49-year-old Clifton Collins with home-grown cannabis cultivation and […]<\/p>\n","protected":false},"author":1,"featured_media":17668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1111,803,57],"class_list":["post-17669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybersecurity","tag-ireland","tag-wallets"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17669"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17668"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}