A Bitcoin wallet connected to convicted Irish drug trafficker Clifton Collins transferred 500 BTC, valued at $41.5 million, to a Coinbase Prime deposit address on October 20. The coins had been inactive since January 2016, marking nearly 11 years without movement.
Connected wallets move $208 million in 2026
This is the fifth occasion in 2026 that wallets linked to Collins have moved 500 BTC each, bringing the total transferred this year to 2,500 BTC. At current prices, that amount is worth approximately $208 million.
Blockchain analytics firm Arkham Intelligence tracked the latest transaction, noting that after reaching the Coinbase Prime address, the coins were divided into 42 separate outputs, which included 40 transfers of exactly 10 BTC.
Similar patterns were observed in previous transfers during July and August, as separate wallets dispatched 500 BTC each to the same Coinbase Prime-linked address.
Authorities have not publicly confirmed a sale of the assets or identified who is responsible for the most recent transfer, and blockchain records do not provide evidence of a direct sale.
After the coins arrived at Coinbase Prime, the receiving address split them into 42 outputs, with 40 transfers of 10 BTC each, mirroring earlier movement patterns from related addresses.
Background of Clifton Collins and lost bitcoin fortune
Clifton Collins, a former Irish security guard and cannabis cultivator, reportedly accumulated roughly 6,000 BTC between 2011 and 2012 from proceeds of illegal drug operations. He is believed to have distributed the coins across 12 different wallets, storing the private keys on printed paper hidden in a fishing rod case.
When law enforcement arrested Collins in 2017, his landlord discarded his belongings, including the fishing rod case, at a landfill in County Galway. As a result, the crypto assets were thought to be irretrievable.
In March 2026, Ireland’s Criminal Assets Bureau (CAB)—an agency responsible for recovering assets linked to criminal activity—announced that with Europol’s European Cybercrime Centre, it had accessed a wallet containing 500 BTC. At the time, the coins were valued at around €30 million.
CAB later reported separate recoveries of 500 BTC in May and July 2026, confirming that the agency had retrieved a total of 1,500 BTC.
Technical support and decryption tools from Europol reportedly played a role in the recovery, though Irish authorities have not detailed how they restored access to the previously lost wallets.
Two additional 500 BTC transfers occurred in August and October 2026, exceeding the amount officially confirmed by authorities. Arkham stated that the pattern and size of these transactions suggest law enforcement involvement but noted that Irish agencies have not acknowledged responsibility for the latest moves.
Coinbase Prime provides custodial and trading services to large institutional and government clients, including the ability to move cryptocurrency into custody without immediate sale on public markets.
The Criminal Assets Bureau makes decisions on disposing of or liquidating confiscated property based on court orders. As of the latest update, CAB has not clarified whether it will sell or retain the most recently transferred 500 BTC.
According to Arkham, approximately 3,500 BTC, or about $291 million, remains in wallets still linked to Collins. Bitcoin traded at $81,870, down 1.42% over the past 24 hours.
Mini dictionary: Criminal Assets Bureau (CAB) — Ireland’s state agency for confiscating and managing assets derived from serious crime, frequently acting in cooperation with European authorities like Europol for transnational cases involving digital assets.
| Date | Amount Moved (BTC) | Wallet Status | Approximate USD Value |
|---|---|---|---|
| March 2026 | 500 | Recovered by CAB | $41.5 million |
| May 2026 | 500 | Recovered by CAB | $41.5 million |
| July 2026 | 500 | Recovered by CAB | $41.5 million |
| August 2026 | 500 | Unconfirmed | $41.5 million |
| October 2026 | 500 | Unconfirmed | $41.5 million |
