CAB, Europol seize 500 BTC tied to 2019 drug probe

Ireland’s Criminal Assets Bureau and Europol seized 500 bitcoin, valued at about $38.7 million, from a dormant cryptocurrency wallet linked to a 2019 Irish drug trafficking investigation. The funds were identified as proceeds of crime.

The bureau said Europol’s European Cybercrime Centre hosted operational meetings in The Hague and provided “highly complex technical expertise and decryption resources” that enabled investigators to access the wallet. On-chain data showed the bitcoin had been inactive for roughly 10 years before the transfer.

Blockchain intelligence records show the 500 BTC was moved to Wintermute, a cryptocurrency trading firm, after the seizure. An on-chain tracker issued an alert after the long dormancy and flagged the transfer.

The seizure is the second successful access to one of 12 dormant wallets tied to the 2019 case; in March authorities recovered another 500 BTC from a separate wallet linked to the same investigation.

Investigators have linked the bitcoin holdings to Clifton Collins, a former beekeeper who began growing and selling cannabis in 2005. Prosecutors allege Collins used drug profits to buy bitcoin in late 2011 and early 2012 when prices were low.

Authorities reported private keys for several wallets were stored in a fishing rod case at a rented property in County Galway and were believed lost while Collins was imprisoned following his 2017 arrest.

Public chain data shows wallets tagged as associated with Collins’ lost keys currently hold about 5,000 BTC, valued at roughly $387.2 million at current market prices, indicating a larger total stash of about 6,000 BTC linked to the case.

Separately, blockchain monitoring identified recent movements from wallets tagged as U.S. government-controlled FTX Alameda seized funds. Transfers over the past 24 hours included 289.65 ETH (about $610,840), 290,416 USDT sent to Coinbase Prime deposit addresses, and 643,034 DAI moved to an untagged wallet address.

The CAB declined to provide additional details beyond confirming the funds were proceeds of crime. Europol did not immediately offer further comment.