The drama surrounding the drug dealer, which allegedly lost $ 57 million Bitcoin (BTC), continues. Irish Clifton Collins claims that he has lost the keys that belong to twelve accounts where he distributed all his Bitcoins. Therefore, local authorities cannot access BTCs.
According to information, the Irish Supreme Court decided to confiscate Clifton Collins’s $ 57 million Bitcoin asset. The court would confiscate these money, as it obtained all the money through drug sales. Collins did not refuse the sentence and had to hand over his digital fortune to the Criminal Assets Bureau (CAB). While this was the biggest case in the 25-year history of CAB, yesterday things were reversed. Even though the Bureau seized twelve online accounts containing about 6,000 Bitcoins, it could not access any of them.
Collins bought most of its digital assets in 2011-2012, when the price of BTC was significantly lower, Collins said these accounts have lost their private keys. Fearing that 6,000 Bitcoin storage in one account could expose him to potential threats, Collins distributed them at equal rates, including 500 BTC in twelve accounts.
He wrote the private keys for each account on a piece of paper. He hid this paper in an aluminum fishing container that he kept in a rented house. When Collins was arrested for the first time in 2017, the landlord hired workers to unload all of the tenant’s belongings.
The workers said that they remembered seeing the fishing gear while throwing the items. However, items were never found. Collins said this result was a punishment for stupidity.
Bitcoin Cannot Be Captured
Regardless of whether Collins’ story is true or not, there is an important conclusion to be drawn here. No authority, even a Supreme Court, can take someone’s Bitcoins unless they want to lose their private keys.
There is a fundamental difference between BTC and wealth storage. Take a bank account, for example. Only you can access your money stored in your bank account, but this is valid until a certain moment. If a court decides that your money should be seized, it can seize your money. Unless you decide to keep your cash buried somewhere, the authorities can take it over.
In other words, the popular phrase “Not your keys, not your Bitcoin” is getting more important here. It’s very easy to protect Bitcoin assets without anyone having access. In any case, whether or not Collins’ story is true, all 6,000 Bitcoins have been lost forever.