Irish Authorities Struggle to Access $380M in Seized Bitcoin

Lost digital keys prevent the Irish Criminal Assets Bureau from accessing the seized $380 million in Bitcoin.

The Irish Times reported on Wednesday that the digital keys needed to unlock the $380 million in Bitcoin that the Irish Criminal Assets Bureau had taken from convicted drug dealer Clifton Collins in 2019 had been missing.

Collins’ Bitcoin was seized by the Irish Criminal Assets Bureau (CAB). Collins had accumulated the money via his cannabis cultivation business.

The asset’s value has increased significantly despite its initial $58 million valuation because of the soaring price of Bitcoin, but the monies are still unavailable to the government.

Bitcoin Seizure by the Irish Criminal Assets Bureau: 12 Wallets Confiscated in 2019

Collins began investing his drug earnings in cryptocurrencies in 2011, according to information uncovered by authorities in 2019 during an inquiry into his unlawful operations.

Collins had divided up his Bitcoin among twelve wallets, writing down the access codes on a sheet of paper that he stored in a fishing rod box at one of his houses.

Unfortunately, the fishing rod case and the critical access codes were taken after the property was broken into.

The cryptographic keys needed to unlock the Bitcoin have yet to be found, despite continuous efforts by Irish officials; thus, the money is locked away and unavailable.

The value of confiscated cryptocurrency has increased with the price of Bitcoin, but the CAB can still not access the wallets.

Although no solution has been found thus far, officials have expressed hope that technology breakthroughs or other measures may eventually unlock digital assets.

Ireland Tightens MiCA Compliance As Attention on Bitcoin Grows

Ireland is striving to guarantee uniform enforcement of cryptocurrency laws throughout the European Union even as efforts to find a way to access Bitcoin persist.

The deputy governor of the Irish Central Bank, Derville Rowland, stressed that Ireland is working with other EU countries to support consistent application of the Markets in Crypto-Assets Regulation (MiCA).

The European Supervisory Authorities (ESAs) have advocated a uniform MiCA adherence strategy amongst participating nations.

This alignment is anticipated to lessen regulatory disparities and foster a more unified market environment across the region.