Key Highlights
- Irish police seized 500 Bitcoin worth about $40 million with support from Europol, and authorities were able to access the wallets.
- In a previous case, 6,000 Bitcoin, now worth $417 million, were seized but remain inaccessible because the keys were lost.
Irish police have reportedly seized 500 Bitcoin, worth approximately €30 million ($40 million), in an operation led by the Criminal Assets Bureau (CAB) with support from Europol.
According to a local report, the operation gave authorities access to the cryptocurrency wallets, allowing the state to potentially sell the Bitcoin and recover the proceeds of the crime. Each Bitcoin was valued at about $69,800 at the time.
Europol helped unlock the wallet with technical support
The operation was conducted with technical assistance from Europol’s European Cybercrime Centre, which hosted operational meetings at its headquarters in The Hague, Netherlands. It helped CAB investigators unlock the cryptocurrency wallets using advanced technical tools.
“The Criminal Assets Bureau in collaboration with Europol gained access to and seized a cryptocurrency wallet containing 500 bitcoins, which are the proceeds of crime,” Irish police said.
Previous case where the Bitcoin could not be accessed
However, this is reportedly not the largest Bitcoin seizure by CAB. According to the report, the bureau seized 6,000 Bitcoin from an Irishman named Clifton Collins in 2019 after his arrest over his involvement in growing cannabis crops in the Republic of Ireland.
At the time, Bitcoin was valued at $61 million. Collins had reportedly invested some of the proceeds from his illegal drug business into Bitcoin in 2011 and 2012, when the cryptocurrency was worth only a fraction of its current value.
Collins later spread his Bitcoin across 12 virtual wallets for security, recording the private keys in a document he hid in a fishing rod case at a rented property in County Galway. He said he never recovered the document after a break-in at his home, and authorities were unable to access the wallets. Over the years, the value of those 6,000 Bitcoin has grown to around $417 million, but the cryptocurrency remains inaccessible.
In 2020, Collins reportedly surrendered $1 million in Bitcoin and other assets valued at $1.4 million to the state, including a two-seater gyro aircraft, a camper van, and a fishing boat. He was jailed for five years for his involvement in the cannabis cultivation and sales operation.
Broader context
These cases are part of a wider pattern of cryptocurrency-linked crime. Recently, in Hong Kong, a 66-year-old retiree reportedly lost about HK$6.6 million ($843,360) in a series of crypto scams.
In short, these cases are becoming rampant as the increase in crypto adoption grows. However, with the right tools, authorities have been able to track some of the funds and recover them, whether the private key can be found or unlocked.
Also Read: Dark Web, Tor, Crypto Wallets: Indian Police Begins New Cyber Training
