Blockchain tracking platform Lookonchain reports that a crypto wallet linked to convicted Irish drug dealer Clifton Collins transferred 500 Bitcoin, worth $30.85 million, to Coinbase Prime 12 hours ago.
This transaction is part of an ongoing three-month movement that has seen 1,500 BTC shifted to crypto exchanges like Coinbase Prime and Wintermute. The sudden awakening of these long-dormant funds suggests that Irish authorities have successfully bypassed the legendary “lost keys” narrative.
Clifton Collins deposited another 500 $BTC($30.85M) to Coinbase Prime 12 hours ago.
Clifton Collins is an Irish drug dealer known for buying around 6,000 $BTC in 2011–2012 at an average price of about $5 per $BTC.
He printed the private keys on paper and hid them inside fishing… pic.twitter.com/6nZxNKFVJp
— Lookonchain (@lookonchain) July 3, 2026
Collins originally amassed roughly 6,000 BTC between 2011 and 2012, purchasing the assets at around $5 each using proceeds from his cannabis cultivation operations. To secure his digital wealth, he distributed the funds evenly across 12 separate wallets, allocating 500 BTC to each address. He printed the private seed phrases on an A4 sheet of paper and hid them inside the cap of an aluminum fishing rod case.
International cooperation in asset recovery
The Criminal Assets Bureau, in a joint effort with Europol’s European Cybercrime Centre, has confirmed the successful forfeiture of an additional 500 BTC, currently valued at roughly €27 million. This latest recovery pushes the total amount of criminal proceeds seized by the Bureau throughout 2026 to a staggering 1,500 BTC.
To facilitate this achievement, Europol convened high-level operational sessions at its Hague-based headquarters. These meetings provided Bureau investigators and technical analysts with essential decryption tools and sophisticated digital forensics expertise, which proved indispensable in cracking the case.
Approximately 4,500 BTC, valued at over $276 million, remains untouched within the remaining identified wallets, which could soon face a similar state forfeiture.
Is it possible for authorities to compromise public-key encryption?
Although Bitcoin’s ledger is usually seen as unbreakable, law enforcement cannot realistically break modern public-key cryptography like ECC or RSA. These systems are so strong that even powerful states cannot crack them. As a result, agencies have moved to “encryption workarounds.” Instead of attacking the math, they try to hack devices either before the data is encrypted or after someone has decrypted it.
Meanwhile, DeFi Planet reports that France is tightening security after a sharp rise in crypto-related kidnappings and extortion, with 77 cases reported in the first half of 2026, already above 2025’s total. Interior Minister Laurent Nuñez says the government will expand prevention, intelligence sharing, and police coordination to better protect investors and crypto businesses.
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