Irish authorities have successfully recovered millions of previously locked-out Bitcoin, marking a major breakthrough in a long-running asset-spending case.
According to Irish TimesThe Criminal Assets Bureau (CAB) of Ireland, with the help of Europol, was able to open one of the 12 cryptocurrency wallets seized in 2019.
The wallet contained about 500 Bitcoin worth about $35.5 million at current prices.
The money was inaccessible for years after the private keys were lost. Europol is said to have provided “extremely sophisticated technical expertise and revolutionary tools” to find the bag, although the method was not disclosed.
Authorities say the tokens were stored in a fishing rod that disappeared, and closed wallets with 6,000 Bitcoins now worth about €360 million.
The seized assets are believed to be linked to Clifton Collins, a convicted drug trafficker who invested in Bitcoin from 2011-2012, when prices plummeted.
Collins reportedly split his assets into multiple wallets for security, recording access keys in one document that was later lost.
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