The Irish Criminal Assets Bureau is unable to access nearly $400 million in Bitcoin seized from drug dealers due to the loss of the wallet seed phrase

2024-10-09 20:00:40

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ChainCatcher news, according to Decrypt, the Criminal Assets Bureau (CAB) of Ireland has stated that it has been unable to access the Bitcoin seized from drug dealer Clifton Collins since 2020. These Bitcoins are currently worth approximately $378 million and are stored in 12 wallets. Collins claims that the file containing the wallet seed phrases was lost during a burglary. He began investing in Bitcoin in 2011 when the price ranged from $0.30 to $29.

The CAB seized these Bitcoins in 2020, when they were valued at around $56 million. The Irish High Court ruled that these assets were derived from criminal activity and ordered their transfer to the CAB. However, due to the inability to access the wallets, these Bitcoins have remained frozen for the past four years. During this time, the price of Bitcoin has risen from about $9,000 to over $62,000, significantly increasing the value of this seized Bitcoin.

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