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Ireland’s Criminal Assets Bureau (CAB) has been holding Bitcoin (BTC) seized from a convicted drug dealer, Clifton Collins, since 2019.
However, despite BTC’s meteoric rise in value, the CAB has been unable to access the funds, currently valued at about $378 million. The Bitcoin, originally worth about $56 million at the time of seizure, is stored across 12 wallets, leaving law enforcement in a frustrating legal and technical limbo.
CAB to Employ New Strategies to Access the Seized Funds
Clifton Collins, a beekeeper-turned-drug dealer, was arrested in 2019 on drug trafficking charges. The investigation revealed that Collins had amassed a significant Bitcoin fortune from the proceeds of his illegal activities. In 2020, following a ruling by Ireland’s High Court, the amassed Bitcoin was officially seized by the CAB. A freezing order was also placed to prevent Collins from transferring.
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This situation shows how difficult it can be to take and control digital assets. While authorities are better at finding and taking cryptocurrency connected to a crime, getting to the money is still challenging. As such, law enforcement needs new strategies and tools to manage growing digital assets tied to criminal activity.
U.S. Marshals to Sell Seized Silk Road Bitcoin
Finance lawyer Scott Johnsson mentioned that the U.S. Marshals Service (USMS) is processing the selling of Bitcoin confiscated from the notorious Silk Road marketplace. This insight followed an agreement between the USMS and Coinbase, speculating the timing and implications of these transactions.
Johnsson’s analysis stems from the specific terms outlined in the USMS-Coinbase agreement signed in June.
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He noted that any BTC reaching Coinbase Prime under this agreement indicates an imminent or completed sale by the USMS. Likewise, the deal mandates that USMS assets remain segregated until they are moved to a custodial address, to be sold, or about to be sold.
German Government Sells Off 16,000 Bitcoin
The German and the US governments have been on a major Bitcoin selling spree, dumping thousands of BTC worth millions of dollars. Data from blockchain analytics platform Arkham Intelligence has revealed that the German government has sold over 16,000 BTC worth over $927 million. While the reason behind the persistent BTC sell-offs is uncertain, the unabating selling pressures have harmed Bitcoin’s price.
Recall that the US government seized BTC holdings from a narcotics trafficker, Banmeet Singh, earlier in January.
On June 26, Arkham Intelligence disclosed that the US government had sent 3,940 BTC valued at approximately $240 million to crypto exchange Coinbase Prime. These transfers suggest the government liquidation of BTC holdings, potentially derived from criminal investigations, asset seizures, or tax enforcement actions.
