Irish CAB cracks 500 BTC in $378M seizure

Irish authorities have gained access to a dormant Bitcoin wallet containing 500 BTC, marking the first breakthrough in a $378 million crypto seizure linked to a 2019 criminal case.

The Criminal Assets Bureau said the recovered funds form part of a larger 6,000 BTC stash confiscated from convicted drug trafficker Clifton Collins, which had remained inaccessible for years.

The breakthrough was achieved with support from Europol’s cybercrime unit, enabling investigators to bypass the wallet’s security and secure approximately $32 million in digital assets.

The funds had been locked since Collins lost access to his private keys, which were reportedly printed and hidden before being accidentally discarded and destroyed.

During the seven-year lockout, the value of the seized Bitcoin surged significantly, rising from around $9,000 per coin in 2019 to current levels that place the total holding near $378 million.

Authorities have since transferred the recovered 500 BTC to Coinbase, signalling control over the assets and potential readiness for further action.

Investigators are now working to apply the same method to the remaining wallets, which could unlock hundreds of millions more in forfeited Bitcoin for the Irish state.

At the time of reporting, Bitcoin price was $70,505.40.