Irish authorities have managed to unlock another Bitcoin wallet that has been inaccessible for a long time. 500 BTC was removed from the wallet that was found to be linked to drug trafficking convict Clifton Collins. The approximate value of the asset in question is calculated as 38.7 million dollars.
The second major rescue and details of the process
The operation, carried out by the Irish Criminal Assets Bureau (CAB), was carried out with the technical support of Europol. It is stated that this new development comes after a similar Bitcoin recovery process that took place in March. Thus, the question of whether some wallets thought to be “lost” might actually be accessible has come to the fore again.
According to data from blockchain analysis company Arkham Intelligence, 500 BTC, which had been untouched for nearly 10 years, was moved on Monday. After the transfer, the Bitcoins came under the control of the crypto trading company Wintermute. This indicates that assets can be sold through an exchange.
Authorities said that Collins bought Bitcoin with the income he earned from marijuana sales in late 2011 and early 2012, and that the price of BTC was hovering around $10 at that time.
The first 500 BTC was reached in March 2024, and these funds were transferred to the Coinbase Custody service. It is reported that both wallets are related to the Clifton Collins case. Collins is known as a beekeeper in Dublin and was convicted of cannabis dealing in 2017.
Lost keys and the unraveling process
According to investigative records, Collins reportedly divided his Bitcoin holdings into 12 different wallets and stored his private keys in a fishing rod box at a rental property. After his arrest in 2017, it was revealed that the items where the keys were kept were missing.
Collins claimed to law enforcement that the keys were stolen in a burglary. However, the possibility that the property may have been evacuated after the incident was also investigated. For years, authorities were able to see the existence of funds on the blockchain but could not gain direct access.
The Irish Criminal Assets Bureau announced that the wallet was unlocked with the expert support of the European Cyber Crime Center within Europol. According to the information obtained, extremely complex password cracking and technical analysis were used by the team.
Mini dictionary: Europol is an international law enforcement organization with which police departments in European Union countries work together. It stands out with its comprehensive technical support and information sharing in the field of cybercrime.
Similar operations and important details
Previously, US authorities had seized large amounts of Bitcoin associated with platforms such as Silk Road. In Germany, thousands of BTC were seized from the operators of the Movie2k platform, which offered pirated content, and some were later sold.
However, in such operations, states can generally access the devices or known wallet directly; In the Collins case, it was clearly recorded that the keys were missing. Despite this, it was noteworthy that two different wallets were accessed in the last three months.
On the other hand, Collins transferred assets worth approximately 1.2 million euros to Ireland in 2020. These included, in addition to the Bitcoin he had access to, a gyro-helicopter, caravan and fishing boat.
Current chart in Bitcoin price
CryptoAppsy According to the current data reflected on the screens, Bitcoin is traded at an average level of $ 77,330 at the time of writing. At the time when the wallets in question were purchased, the price of 1 BTC was only slightly above $10.
| Year/Period | BTC Average Price | Explanation |
|---|---|---|
| 2011–2012 | 10–12 dollars | Collins’ acquisition period |
| 2024 | $77,330 | Recovered BTC current price |
