RATE Group | How an Irish drug dealer lost $59 million in Bitcoin codes
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How an Irish drug dealer lost $59 million in Bitcoin codes

29 Feb How an Irish drug dealer lost $59 million in Bitcoin codes

Posted at 19:34h in Bitcoin News by

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The codes were left in a fishing rod. Getty

An Irish drug dealer who made over $59 million trading the online cryptocurrency known as ‘Bitcoin’ has lost access to his accounts after hiding the codes in a now-missing fishing rod. 

Clifton Collins, 49, bought most of his 6,000 Bitcoin in 2011 and 2012 with money he had made from growing and selling cannabis.

By 2017, the value of the Bitcoin had increased to €53.6 million ($59 million) and Collins became paranoid that his account could be hacked. Consequently, he split the 6,000 Bitcoin evenly among 12 accounts to mitigate that possibility. 

Read more: Lyra McKee murder suspect granted bail

He printed off the passwords to the new accounts on an A4 piece of paper and hid the page in a cap of a fishing rod in his rented home in County Galway. 

However, he was arrested in 2017 and subsequently sentenced to five years in jail for possession of cannabis herb. 

According to Irish law, a law…

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