Blockchain parsers have detected that Ireland's Criminal Assets Bureau (CAB) moved 500 BTC valued at $38 million on August 28 from a wallet first created in January 2016. The transfer marks the fourth recorded movement of cryptocurrency tied to Clifton Collins, a cannabis dealer whose assets were seized by Irish authorities. Neither CAB nor Europol's European Cybercrime Centre has officially confirmed the recovery.
The 500 BTC transferred from a legacy P2PKH wallet to a newer P2SH address, according to data from blockchain analysis firm Arkham Intelligence. The coins had not moved for more than a decade, when bitcoin was valued at approximately $382 per coin, making the 500 BTC worth roughly $191,000 at that time.
To date, CAB has recovered 2,000 BTC valued at $155 million from Collins' holdings using current bitcoin prices. The latest transfer moved the funds to Coinbase Prime.
Background on the Collins Case
Collins forfeited approximately $3 million worth of bitcoin to Irish authorities after his arrest. According to reports, Collins claimed the seed phrase to access additional funds was written on paper and hidden inside a fishing rod kept at a rental property. When authorities searched for the rod, it was not found at the location.
Law enforcement has attributed its ability to access the funds to "highly complex technical expertise and decryption resources" but has not publicly disclosed how the seed phrase was ultimately recovered or whether the fishing rod was ever located.
