RATE Group | Irish Court Seizes $56 Million in Bitcoin From Alleged Drug Dealer
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Irish Court Seizes $56 Million in Bitcoin From Alleged Drug Dealer

19 Feb Irish Court Seizes $56 Million in Bitcoin From Alleged Drug Dealer

Posted at 09:58h in Bitcoin News by

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An alleged drug dealer lost 52 million euro (over $56 million) in Bitcoin (BTC) after the Irish High Court ruled that they were criminal proceeds and should be confiscated.

Local news outlet Independent.ie reported on Feb. 19 that the court accepted that Clifton Collins was involved in drug trafficking. Collins did not contest the Criminal Assets Bureau’s (CAB) application for the seizure of his assets.

Authorities began investigating Collins when police found a quantity of cannabis in his vehicle during a traffic stop. This led police to search an address in a village in Galway and discover a large number of cannabis plants, allegedly linked to Collins.

Collins was an early investor

Collins is believed to have invested in Bitcoin at an early stage and received great returns on his investment. The CAB imposed a freeze on his cryptocurrency in an attempt to ensure that it could not be moved without the court’s approval.

The court decided to consider the investment as criminal…

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