Jailed weed dealer relinquishes almost $2 million in Bitcoin — over $150 million still remains locked away behind a secret lost code

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Ireland’s Criminal Assets Bureau (CAB) has seized more than €1.2 million (about $1.9 million) in Bitcoin, cash and assets from a long-time cannabis dealer who is currently serving a five-year jail stint for drug dealing after more than €400,000 ($624,000) of weed plants were found in his rental property in 2017. Amounting to 89 Bitcoin, Clifton Collins is believed to have more than 80 times that amount still locked away and inaccessible. Police discovered the $624,000 worth of cannabis in his rental property after Collins was stopped in his car and a subsequent search revealed about €2,000 ($3,120) of weed inside, according to Sunday World . Irish man in hot water after being found with $192,000 in cannabis and cash Man catches police’s eye after dropping cardboard box containing half a million dollars of weed Irish boxer waves at police while smoking cannabis, avoids criminal record During a court appearance at the end of December, Collins reported that he had earlier consented to the confiscation of the 89 Bitcoin worth that CAB contends was purchased from the money he earned from the illegal cannabis grow houses. According to bitcoin.com , CAB specified that it had sold the Bitcoin worth approximately €1 million ($1.6 million) after concerns were raised about hacking and the high fluctuation of the price of the cryptocurrency. The $1.9 million also included seized assets just shy of €100,000 ($156,000) and €108,000 ($168,480) in cash, according to Sunday World . Another $156 million in Bitcoin that Irish authorities say represents the proceeds of crime remains locked away behind a secret lost code. It’s not that CAB doesn’t have control of the outstanding cryptocurrency; the bureau just can’t access it. If Bitcoin’s value continues to rise, or fall, the value of that stash would follow suit. As of Jan.…

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Source : Jailed weed dealer relinquishes almost million in Bitcoin — over 0 million still remains locked away behind a secret lost code

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