Ireland’s Criminal Assets Bureau (CAB) has encountered a significant problem as they struggle to access $378 million worth of Bitcoin seized from a convicted drug dealer, Clifton Collins. The digital assets, which were confiscated in 2019, remain locked in 12 virtual wallets, with no means of retrieving the funds.

The Lost Keys to $378M

Collins, who had been running a large-scale cannabis-growing operation, invested in Bitcoin between 2011 and 2012, spreading his digital fortune across 12 wallets. To safeguard the funds, he recorded the wallet access keys on a piece of paper, which he stored in a fishing rod case. However, following a break-in and a cleanout of his property after his arrest, Collins claimed that the document had disappeared, leaving no way to unlock the wallets.

Seized Bitcoin Soars in Value

When the Bitcoin was initially confiscated by CAB, it was worth approximately $56 million. Since then, the value of Collins’ stash has skyrocketed to $378 million. Under Ireland’s Proceeds of Crime legislation, these assets were ordered to be handed over to the state, as they were linked to Collins’ illegal activities. However, without access to the private keys, the funds remain out of reach.

The discovery of the Bitcoin followed Collins’ 2017 arrest, when police found cannabis in his car. Further investigation revealed his operation spread across three rented properties in Galway, Meath, and Longford, where officers discovered a crop valued at €400,000. After being sentenced to five years in prison for drug dealing, Collins was forced to hand over assets worth €1.2 million to the state, including a million euros’ worth of accessible Bitcoin.

Future of Seized Bitcoin Unclear

The CAB has been left hoping for a technological breakthrough that could one day unlock the lost funds. Despite their inability to access the bulk of Collins’ Bitcoin, the CAB returned €8.6 million to the Irish exchequer in 2023—the largest recovery in 15 years.