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Ireland Seizes Bitcoin Stash Worth $56M in Criminal Forfeiture Ruling


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Ireland’s Criminal Assets Bureau (CAB) seized 6,000 BTC from a Dublin resident who was accused of growing cannabis on property located in the Wicklow Mountain region. The police found around €450,000 of marijuana plants but the €52 million ($56.1M) of BTC was the biggest single-value asset seizure by the CAB since 1996.

Also read: US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks

**This article has been updated at 3:28 p.m. ET. An earlier version of this article stated that the 6,000 BTC had to be held for a seven-year period. This article has been updated to reflect a regional report that highlights Collins’ consent to the seizure removed the need for the CAB to wait for seven years.**

Ireland’s Criminal Assets Bureau Seizes 6,000 BTC Worth $56M

Three years ago during a Garda Síochána (police) inquiry, a man named Clifton Collins got caught driving his 4×4 with a small stash of cannabis. Collins lived in Crumlin and the police found that he had around €450,000 ($486k) worth of marijuana growing at a property in Corr na Móna in Co Galway. The officers also found the 49-year-old had a stash of around 6,000 BTC ($56.1M) and the police believe Collins invested his drug money into the crypto. Because the asset was so large in value, the police called in the CAB and they took over the remainder of the investigation. Regional reports in Ireland note that the seizure was the largest single-value asset ever taken by the CAB in 24 years.

Ireland Seizes Bitcoin Stash Worth $56M in Criminal Forfeiture RulingDuring a Garda Síochána (police) inquiry about a large marijuana grow, police arrested Clifton Collins who had €450,000 ($486k) worth of cannabis growing on a property in the Wicklow Mountain region. Collins also held 6,000 BTC, which was then handed over to the CAB.

It took a while to get the ball rolling but by July 2019, prosecutors allowed the CAB to secure a temporary forfeiture order on the bitcoins under the Proceeds of Crime Act. The Irish Statutes Book details that law enforcement officials can take possession of the specified property if they were used directly or indirectly with the proceeds of crime. Collins went before the High Court and Justice Alex Owens ruled that the BTC was in fact proceeds of crime. The forfeited assets Owens said did fall under the Proceeds of Crime Act. Collins and his legal team did not object to the CAB’s appropriation of the funds and under the legislation.

Ireland Seizes Bitcoin Stash Worth $56M in Criminal Forfeiture RulingThe 6,000 BTC captured is the largest haul for the CAB since 1996.

A Significant Sum of Circulating Bitcoins Have Been Auctioned by Governments

In nearly every crypto seizure throughout countries in Europe or in the U.S., law enforcement have auctioned the digital currencies quickly. The U.S. Marshals Service (USMS) has auctioned thousands of bitcoins since 2014 and the agency just sold 4,040 BTC on February 18. In September 2019, the U.K.’s Eastern Region Special Operations Unit (ERSOU) auctioned roughly $300,000 worth of cryptos confiscated from illegal proceeds. The U.S. Department of Justice (DOJ) and the Department of Treasury have disclosed that officers have seized over 22 different cryptocurrencies throughout numerous investigations. In 2018, there were rumors floating around that Bulgaria’s government was hoarding 213,000 BTC from a criminal case. Headlines reported that the country held the second-largest amount of BTC in the world. However, local reports from Bulgaria reported that the information was false and the Bulgarian government had auctioned off the entire haul.

Ireland Seizes Bitcoin Stash Worth $56M in Criminal Forfeiture Ruling

Bulgaria’s finance minister, Vladislav Goranov, explained the sale did indeed take place. Goranov revealed that the BTC lots were auctioned to “several sovereign wealth funds and Asian investors.” He also noted that crypto experts from the U.S. Federal Bureau of Investigation (FBI) helped ensure the transactions were secure. Ireland’s Criminal Assets Bureau’s 6,000 BTC haul will likely be the longest holding period for a government agency that has seized crypto from criminal investigations.

In the last few years, CAB has dealt with a small number of crypto seizures but nothing as large as Collins’ stash.

What do you think about Ireland’s Criminal Assets Bureau’s (CAB) recent seizure of 6,000 BTC? Let us know what you think about this topic in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, Fair Use, Wiki Commons, and Pixabay.

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The post Ireland Seizes Bitcoin Stash Worth $56M in Criminal Forfeiture Ruling appeared first on Bitcoin News.

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