RATE Group | Tales From the Crypto: $56 Million Bitcoin (BTC) Loss Blamed on Fishing Rod
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Tales From the Crypto: $56 Million Bitcoin (BTC) Loss Blamed on Fishing Rod

24 Feb Tales From the Crypto: $56 Million Bitcoin (BTC) Loss Blamed on Fishing Rod

Posted at 04:29h in Cryptocurrency News by

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Irish authorities cannot access the confiscated Bitcoin of convicted drug dealer Clifton Collins because of a lost fishing rod.

The Criminal Assets Bureau (CAB) of Ireland seized Collins’ cryptocurrency accounts after he was found guilty of offenses under the Misuse of Drugs Act.

Collins bought Bitcoin between 2011 and early 2012 using his earnings from growing cannabis. The value of the cryptocurrency at the time ranged from $3 to $13. As the price of Bitcoin soared over the years, the 6,000 BTC Collins accumulated rose in value to over $56 million.

Collins says he printed out the private codes on a piece of paper which he then hid inside the aluminum cap of a fishing rod case he kept in his rented home in Farnaught, Cornamona, County Galway. Collins now claims that the fishing rod containing the piece of paper with the private keys is gone, making it impossible for the CAB to access his 12 Bitcoin accounts, reports the Irish Times.

The…

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