Irish authorities have successfully accessed a long-inaccessible Bitcoin wallet linked to convicted drug trafficker Clifton Collins, retrieving 500 BTC now valued at approximately $38.7 million.
Second crypto recovery and operation details
The operation, led by the Criminal Assets Bureau (CAB) with Europol’s technical support, follows a similar Bitcoin recovery in March. This development has reignited debate over whether so-called “lost” wallets might still be recoverable under certain circumstances.
According to blockchain analytics firm Arkham Intelligence, the 500 BTC—untouched for nearly a decade—was moved on Monday. The Bitcoin was transferred under the control of crypto trading company Wintermute, a move suggesting that the assets could be sold via an exchange.
Officials explained that Collins acquired Bitcoin at the end of 2011 and early 2012 using proceeds from cannabis sales, when BTC was valued around $10.
A previous batch of 500 BTC was also recovered in March 2024 and transferred to Coinbase Custody, with both wallets tied to the Collins case. Collins, who once kept bees in Dublin, was convicted in 2017 for offenses related to cannabis trafficking.
Lost keys and the recovery process
Case records show that Collins had divided his Bitcoin across 12 separate wallets and kept the private keys in a fishing tackle box at a rented property. After his arrest in 2017, it was reported that the items containing the wallet keys had gone missing.
Collins later claimed to police that the keys had been stolen during a burglary, although investigators also considered whether the property had simply been cleared out after his arrest. For years, authorities could see the funds on the blockchain but were unable to access them directly.
The CAB announced that, with expert assistance from Europol’s European Cybercrime Centre, the wallet was finally unlocked. Sources indicate that the team employed advanced password-cracking techniques and technical analysis to break into the wallet.
Mini glossary: Europol is the European Union’s law enforcement cooperation agency, supporting police forces with technical expertise and information-sharing, notably in cybercrime investigations.
Comparable operations and context
In similar operations in the past, U.S. authorities have seized large amounts of Bitcoin linked to platforms like Silk Road, while German police have confiscated and sold thousands of BTC from operators of the illicit streaming site Movie2k.
Typically, governments are able to seize funds directly from devices or known wallets, but the Collins case was notable because the private keys were officially recorded as missing. Nevertheless, in just the past three months, access has been gained to two separate wallets in the same case.
In 2020, Collins transferred assets worth roughly €1.2 million to the Irish state, including Bitcoin he could access, as well as a gyro helicopter, caravan, and fishing boat.
Current snapshot of Bitcoin prices
Latest data from CryptoAppsy shows Bitcoin trading at an average of $77,330 at the time of reporting. Back when Collins originally purchased the coins, 1 BTC was just above $10.
| Year/Period | Average BTC Price | Details |
|---|---|---|
| 2011–2012 | $10–$12 | Period when Collins bought in |
| 2024 | $77,330 | Current value for recovered BTC |
