Irish Dealer Loses $59 Million in BTC After His Landlord Threw Away the Codes

Michael LaVere
  • Dubliner Clifton Collins lost $59 million in bitcoin after his landlord threw away the case containing the codes to his account.
  • Collins had amassed 6000 BTC spread across twelve wallets, which have since been confiscated by the Criminal Assets Bureau 

An Irish drug dealer has lost €55 million ($59 million) in bitcoin after his landlord accidentally threw away a case containing the codes to access his wallets. 

According to a report by the Irish Times, 49-year-old Dubliner Clifton Collins amassed a fortune in bitcoin between 2011 and 2012 using funds obtained from illegally growing and selling marijuana. Collins purchased more than 6,000 BTC, which was trading for less than $5 at the time. 

Collins was arrested in 2017 for the possession and sale of cannabis and sentenced to five years in prison. Prior to his arrest, he had hidden the codes for twelve separate bitcoin wallets, each containing 500 BTC, inside the aluminum cap of a case containing his fishing rod. The case was stored in his rented home in Farnaught, Cornamona, Co Galway.

Collins’s landlord eventually sent the majority of his possessions to the local landfill during his prison stay, including the fishing rod case containing the secret codes. 

While Ireland’s Criminal Assets Bureau (CAB) has since confiscated the twelve accounts, the €55 million in bitcoin is inaccessible without the codes. Workers at the local dump told officers they remember seeing discarded fishing gear, however, the waste was eventually moved to Germany and China. 

Collins says that he has come to terms with the loss of his funds, and regards it as punishment for his actions. 

Featured Image Credit: Photo via Pixabay.com

Tim Draper Reveals He Owns Cryptocurrencies Other Than Bitcoin

Michael LaVere
  • American venture capitalist Tim Draper revealed owning more crypto-assets than just bitcoin.
  • Draper expects the value of bitcoin to increase as a result of the Federal Reserve's money-printing tactics. 

American venture capitalist and bitcoin bull Tim Draper claims to own “a lot of other cryptocurrencies” in addition to BTC. 

Speaking in a recent interview with British entrepreneur Rob Moore, Draper claimed that his diversified portfolio in crypto-assets had led to him being “surprisingly up” despite the economic impact of the coronavirus. 

He said, 

You know, when I played Monopoly, I never showed anybody how much money I had so so that you're not gonna get an up or down.

Draper also criticized the U.S. Federal Reserve’s money-printing response to the COVID-19 pandemic, which he said would lead to the dollar crashing in value. He claimed the impact of the falling dollar would drive more value into bitcoin. 

He said, 

There are only 21 million of them and they are going to be more and more valuable as you see governments have less and less.

Draper continued, saying his experience working as a venture capitalist and interviewing entrepreneurs has given him a “pretty good view” of what the future is going to look like. He expects governments to move towards decentralization in a competition for their own citizens. 

Featured Image Credit: Photo via Pixabay.com