On March 24, 2026, Irish authorities moved 500 BTC (about $35 million) on-chain after nearly ten years of inactivity. The Bitcoin belonged to Clifton Collins, a convicted cannabis grower, whose total holdings of 6,000 BTC had long been considered lost.
This was a carefully planned law enforcement operation. Ireland’s Criminal Assets Bureau (CAB), working with Europol, successfully accessed the wallet and transferred the funds to Coinbase custody to keep the assets secure.
Collins had originally purchased most of his Bitcoin between 2011 and 2012, funding the purchases with proceeds from his cannabis operations. The recovery of 500 BTC demonstrates the growing ability of authorities to track and reclaim digital assets that were once thought to be permanently lost.
A Fortune Hidden in a Fishing Rod Case
Clifton Collins, a Dublin native worked as a security guard and beekeeper before turning to cannabis cultivation. Between 2011 and 2012, he bought most of his Bitcoin when prices were very low, funding them with money earned from his illegal cannabis operations across several Irish counties.
Collins split his 6,000 BTC fortune into 12 wallets, each containing 500 BTC. He printed the private keys on an A4 sheet and hid them in a fishing rod case at his home in Galway. In 2017, Collins was arrested after police found cannabis during a traffic stop.
Later, his landlord cleared the property, and the fishing rod case along with the only copy of the keys was likely destroyed. Collins also mentioned a burglary might have played a part. At the time of seizure, his Bitcoin was worth €53 million; it is around €360 million.
How Authorities Cracked the Wallet
Irish authorities haven’t revealed the exact method, but Europol provided advanced technical support. Experts believe they either guessed Collins’ weak password using computer tools or reconstructed the wallet keys from flaws in how they were created.
This approach could unlock the remaining 11 wallets and recover all 6,000 BTC. Experts think there are two likely ways they did it:
- Weak Password: Collins may have protected his wallet with a password that wasn’t very strong. Investigators could have guessed it using computer tools, a common method called brute-forcing.
- Problem with Key Generation: Collins might have created his wallet keys using a flawed tool. If the keys weren’t completely random, investigators could predict and recreate them.
No matter how they did it, authorities believe the same method can unlock the remaining 11 wallets. If successful, they could recover all 6,000 BTC, making it the biggest crypto asset seizure in Ireland’s history.
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Significance of the Seizure
This Bitcoin recovery is important for both crypto users and law enforcement:
- Lost crypto can be found: Even wallets thought to be gone forever can sometimes be recovered with the right skills.
- Teamwork is key: Europol helped Irish authorities, showing that working together across countries can solve big cases.
- Huge financial impact: If the other wallets are unlocked, authorities could recover billions of dollars.
