500 BTC linked to Irish drug dealer moves on-chain after nearly a decade of dormancy

BlockBeats News, March 25th, according to Bitcoin News, 500 BTC associated with Irish drug dealer Clifton Collins has undergone an on-chain transfer after being considered lost for almost 10 years. Collins purchased 6000 BTC from proceeds of selling marijuana between 2011 and 2012, which he stored in 12 wallets, with the private keys written on paper hidden in a fishing rod case at a rented property in Galway, Ireland.

In 2017, after Collins was arrested, the property was cleared, and its contents were taken to a landfill, with the authorities and Collins himself believing the private keys were permanently lost. The court ruled that the related funds were confiscated as proceeds of crime. This on-chain transfer of 500 BTC indicates that at least part of this asset may not have been lost.