- Irish authorities accessed a previously locked Bitcoin wallet containing 500 BTC tied to criminal proceeds.
- The wallet is part of a larger seizure of 6,000 BTC that remained inaccessible for years due to lost keys.
- Europol’s technical support enabled the breakthrough, raising prospects of unlocking additional wallets.
Ireland’s Criminal Assets Bureau has successfully accessed a cryptocurrency wallet that had remained locked for years, recovering 500 Bitcoin linked to criminal proceeds. The assets are valued at approximately €30 million (AU$50.1 million), following an operation conducted with support from Europol.
This marks the first time authorities have been able to open any of the 12 wallets associated with the case, which together contain 6,000 Bitcoin worth about €360 million (AU$601.2 million). The wallets were seized after the arrest of Clifton Collins, a drug dealer convicted of cannabis cultivation.
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Tech Breakthrough Ends Years-Long Wait
Collins acquired the Bitcoin in 2011 and 2012 and distributed it across multiple wallets as its value increased. He recorded the access credentials and concealed them inside a fishing rod case stored at one of his rental properties.
However, the document containing the keys was later lost, either during a burglary or when the property was cleared after his arrest. Without the access codes, authorities were unable to retrieve the funds despite holding the wallets.
The recent breakthrough came after years of waiting for technological advancements that could enable recovery. Europol provided specialised technical assistance and decryption capabilities that were essential to unlocking the wallet.
Blockchain intelligence shows the recovered funds had been dormant for around ten years before being transferred to a Coinbase account. The development has raised expectations that the remaining wallets may also become accessible over time.
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