Home Bitcoin Irish drug dealer loses $57M bitcoin fortune after losing access codes

Irish drug dealer loses $57M bitcoin fortune after losing access codes

Irish Bitcoin drug dealer Clifton Collins, who has forfeited digital assets worth $57 million, has continued his trial in an Irish High Court. On Wednesday, Collins in the most recent ruling was judged to forfeit private keys for about 12 accounts where he stashed all his digital assets.

The Irish High Court judged that Collins garnered all his Bitcoins from drugs as he didn’t contest the sentence and agreed to let go of all his earnings to the Criminal Assets Bureau (CAB). Supposed to be the Bureau’s largest seizure, the entire 12 accounts Collins surrendered that contains around 6,000 BTC couldn’t be accessed by the Bureau.

Collins purchased the Bitcoin in 2011-2012 when the crypto was still less valuable, He, however, mentioned he misplaced the private keys for all the accounts as he revealed that he distributed the digital assets to equal proportions in all 12 accounts because of the threat he could be exposed.

Reportedly, Collins printed the keys for all the accounts in a paper which he hid and kept in his rented apartment. However, after his first arrest three years ago, his landlord hired laborers to dispose all of Collins property.

The workers reportedly also remembered disposing a fishing gear where Collins revealed he kept the key when they disposed his stuff but then the disposed properties were sent to an Asian country or another European company to be destroyed and the rod was not found.

Crypto’s high-end encryption evident from Bitcoin drug dealer

Analysing Collins experience, it can be concluded that no authority, not even a High Court can order that an individual’s digital asset to be seized except if such person is ready to really giveup his private keys.

BTC and the traditional way of storing wealth are quiet different as for instance an individual’s bank account could be accessed in certain cases with government or Judicial intervention.

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Muhaimin Olowoporoku
Muhaimin is a journalist and a crypto enthusiast. He believes in the Africa project and sees blockchain technology as a possible solution alongside developmental journalism

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