Ireland’s Criminal Assets Bureau (CAB) has seized 500 Bitcoin worth more than $35 million from one of 12 wallets linked to convicted drug dealer Clifton Collins, authorities confirmed on Tuesday. The wallet had been inaccessible for years after Collins reportedly lost the keys stored on paper.
The breakthrough came with technical assistance from Europol’s European Cybercrime Centre, which provided decryption resources and specialized expertise described by CAB as vital to the operation. Blockchain intelligence platform Arkham identified the wallet as “Clifton Collins: Lost Keys,” which transferred the recovered Bitcoin to Coinbase Prime, which was the first movement of the funds in over a decade.
Collins’ Bitcoin stash dates back to early 2010s
Collins was sentenced in 2017 to five years in prison for cultivating and selling cannabis. Authorities said he used proceeds from his drug operation to purchase roughly 6,000 Bitcoin across 12 wallets between late 2011 and early 2012. At the time, the cryptocurrency was worth only a fraction of its current value.
Investigators previously believed the wallets were permanently lost. Collins had stored the private keys on a single sheet of A4 paper hidden inside the aluminum cap of a fishing rod case at his rental property. The landlord reportedly cleared the property following Collins’ arrest, and Collins claimed the fishing rod case had been stolen prior to the cleanup. The keys were considered unrecoverable until now.
Europol provides critical technical support
The CAB credited Europol’s European Cybercrime Centre for essential assistance during the operation. In a statement, the bureau said:
“The Criminal Assets Bureau, supported by our partners at Europol’s European Cybercrime Centre, confirm the seizure of approximately €30 million in cryptocurrency. Europol hosted operational meetings at its headquarters in The Hague, providing highly complex technical expertise and decryption resources vital to the success of the operation.”
Authorities didn't say exactly how they got into the wallet, but the seizure shows that it's possible to get to cryptocurrency that is usually thought to be impossible to get to because of cryptographic protections.
Arkham lists Collins’ broader holdings
Arkham data shows Collins controls 14 addresses with combined holdings of approximately 5,500 Bitcoin, valued at over $391 million at current market prices. The recovered wallet was the first to be accessed in nearly a decade. Bitcoin was moved to institutional platforms in a series of transfers, including $13.5 million to Coinbase Prime.
The seizure represents a significant portion of Collins’ holdings, but the majority of his Bitcoin remains locked. Officials said access to the remaining wallets will depend on locating or reconstructing the missing keys.
Historical context and ongoing recovery
Collins reportedly surrendered assets worth $1.4 million in 2020, including $1.1 million in Bitcoin for which he retained the keys. The recovered 500 Bitcoin marks the first substantial recovery from wallets long thought lost. Authorities continue to monitor blockchain data for further activity linked to Collins’ accounts.
The case reveals both the challenges and potential of recovering cryptocurrency tied to criminal activity. Lost private keys often render Bitcoin permanently inaccessible, which makes this recovery highly unusual. Advances in cryptography and technical resources likely played a role in enabling the CAB and Europol to unlock the funds.
Collins' first investment in Bitcoin, which was about $30,000 ten years ago, has grown to hundreds of millions of dollars. This shows how quickly the cryptocurrency has grown over the past ten years. While the CAB has recovered one wallet, the remaining Bitcoin could still be out of reach for years.
Roman Zaika
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