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Alleged Drug Dealer Loses Keys For His €53.6M Worth Bitcoin

Javeria by Javeria - 08:58 PM Feb 22, 2020
Alleged Drug Dealer Loses Keys For His €53.6M Worth Bitcoin

The drug dealer responsible for amassing €55 million worth Bitcoin confirmed that the keys to the wallets containing those bitcoins went missing. The alleged drug dealer, Clifton Collins was proved guilty in the Irish Court, and his assets were confiscated. As per the reports, the dealer lost his keys which he was hiding in his fishing rod.

All of his 12 online accounts and wallets that contain over 6,000 bitcoins were confiscated by the Criminal Assets Bureau. It seems like the confiscation of €53.6 million worth Bitcoin inside these accounts are of no value as there is no way to access them without the keys.

According to Garda officers, the bureau is hopeful that one day they would be able to access these assets so that they could sell them.

How Clifton Collins Collected These Bitcoins?

The 49 years old Clifton Collins bought most of these assets around 2011-2012 from the cash he earned by growing cannabis crops. Since then, the value of these Bitcoins has soared to a great extent. The drug dealer used some of these currencies in buying a gyroplane for himself and then in learning how to fly it.

When Collins collected more than 6,000 bitcoin which was around 2017, he spread them in 12 different accounts so that no one can hack them. He moved 500 bitcoin worth. €4.5 million in each account and then save the keys to these accounts on a blank paper. To hide these keys from getting into any other hands, Collins hid the piece of paper on which the keys were written in the fishing rod case.

According to the drug dealer, he kept the paper containing the codes to his bitcoins under the aluminium cap of his fishing rod case which he held at this rented home in Cornamona in Galway country. When he was arrested in charge of drug dealing in 2017 in Wicklow and was imprisoned for five whole years, the dealer says that he lost the keys.

About The Author
Javeria

JaveriaJaveria is into the crypto world ever since she heard about it and is pursuing her interest through cryptoknowmics. She is a sensational poet, technical writer and content strategist. Not to mention that she can go crazy when it comes to vampires and Wonder woman.

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