TechFlow news — On October 9, according to Decrypt, Ireland's Criminal Assets Bureau (CAB) said it has been unable since 2020 to access Bitcoin seized from drug trafficker Clifton Collins. The Bitcoin is currently worth approximately $378 million and is stored across 12 wallets. Collins claims that documents containing the wallet recovery phrases were lost during a burglary. He began investing in Bitcoin in 2011, when its price ranged between $0.30 and $29.
The CAB seized these Bitcoins in 2020, when they were valued at around $56 million. Ireland's High Court ruled that these assets originated from criminal activities and ordered their transfer to the CAB. However, due to the inability to access the wallets, the seized Bitcoin has remained frozen over the past four years. During this period, Bitcoin's price has risen from about $9,000 to over $62,000 today, significantly increasing the value of the confiscated holdings.
