Ireland recovers fresh $38.7M Bitcoin wallet linked to drug case

Irish authorities recovered a fresh second bitcoin wallet tied to a convicted drug trafficker. It is expected that the wallet will unlock 500 BTC (approx worth about $38.7 million) linked to a case once thought trapped behind lost private keys.

Ireland’s Criminal Assets Bureau (CAB) carried out the recovery with support from Europol. This adds to similar seizures seen in March. However, it raises new questions about whether some “lost” crypto wallets are no longer beyond reach.

500 Bitcoin leaves wallet

Blockchain analytics firm Arkham Intelligence highlighted that the funds were moved on Monday after sitting untouched for about a decade. Bitcoin held in the wallet was later transferred to Wintermute. This suggests that a sell-off might be next. 

The transfer comes after another 500 BTC recovery reported earlier this year. Back in March, Irish authorities moved the retrieved Bitcoin linked to the same case into Coinbase Custody. The funds trace back to Clifton Collins. He is a former Dublin beekeeper who was convicted of cannabis trafficking.

Authorities say Collins used the money made from cannabis sales to buy Bitcoin in late 2011 and early 2012. At that time, BTC was trading under or merely over $10. Bitcoin is trading at an average price of $77,330 at the press time. The original crypto went to hit over $126K back in October 2025. 

Europol helps recover ‘Lost’ Bitcoin wallet

Collins reportedly split his holdings across 12 wallets and printed the private keys on paper. He stored them inside a fishing rod case at a rented property in County Galway. After his arrest in 2017, the case disappeared.

The convict told investigators that the keys had been stolen in a break-in. It is being reported that the property may instead have been cleared out after his arrest. However, for years, authorities could see the bitcoin on-chain but were unable to access it.

The CAB reportedly stated that Europol’s European Cybercrime Centre helped investigators gain access to the second wallet. It provided “highly complex technical expertise and decryption resources.”

Governments have seized crypto before. US watchdogs have recovered billions worth of Bitcoin linked to Silk Road. On the other side, German officials also sold large BTC holdings seized from the operators of piracy platform Movie2k.

But those cases mostly involved authorities gaining access to known wallets or confiscated devices. This case stands out as the keys were believed lost. However, the authorities have now accessed two wallets in three months.

Collins had already surrendered about €1.2 million in assets to the Irish state in 2020. This includes Bitcoin, which he could still access, plus a gyrocopter, camper van, and fishing boat.

The smartest crypto minds already read our newsletter. Want in? Join them.