The recent prisoner for drug trafficking, Dubliner Clifton Collins says robber keys of up to $56 million were taken into custody by the Irish High Court in Bitcoin (BTC).
Collins decided to take out a campaign against hackers by circulating crystal currency through 12 newly created profiles, after collecting more than 6,000 BTC in 2017. Thus, the Irish Times reported on Feb. 21, he transferred 500 BTC to each of them. This would leave about $4.87 million of each wallet in the newspaper.
A punish for your own foolishness?
Afterward, Collins put the keys on a piece of paper for all of the 12 BTC accounts he says he has stored them in an aluminum cap of his rod box. He rented this in a house in County Galway, Ireland. But it was allegedly a housebreak in 2017 when he was arrested for trafficking in cannabis.
The landlord also requested that the house be cleared and many Collins items are thrown away. Dumping personnel confirmed that the police had seen the fishing rod discarded, but the dump was shipped back to Germany and China. The fishing rod with the keys to the BTC account of Collin has never been found.
Worth noting, several alleged witnesses— including those clearing the house, property managers and helping Collins share his BTC over the new accounts— speak to the police about what happened to the house rented and the rod fished. Collins had received news of the loss on his way and said it was his stupidity punishment.
So easy to lose, so difficult to protect
The field of cryptocurrency has seen many situations in which consumer digital wallets have lost passwords. QuadrigaCX lost cold wallet keys with 145 million dollars in digital assets. Infamous Canadian cryptographic exchange Gerry Cotten, the manager of the Exchange, reportedly the only owner of the bags and the accompanying buttons, suddenly died on a tour to India. Neither police, Cotten’s aunt, nor the court-ordered boss, the Ernst & Young Big Four auditing firm, were able to find the keys after his passing.
Bitcoin’s auto proclaimed maker, Craig Wright, has been a defendant in a proceeding filed on behalf of Wright’s late business partner, Dave Kleiman, from 2018 onwards. The claim alleged that Wright illegally appropriated over a million BTC after the Kleiman’s death in 2013, which the duo had jointly mined, along with some associated intellectual property during the beginning of the crypto-monetary period. Wright later claimed that he had no access to the BTC registry of addresses kept in an encrypted file by money deposited.