The decentralization aspect of bitcoin has caused an Irish drug dealer over 6000 bitcoins, an equivalent of over NZ$90m (US$59) worth of BTC.
The drug dealer opted into bitcoin about ten years ago which over the years has accumulated a massive value of money. After his arrest, unknowingly, the landlord dumbed the access codes to the accounts together with his belongings.
Irish Drug Dealer accounts?
According to reports, Collins; the Irish drug dealer, has all his 6000 BTC in one account. However, he figured having one account is too vulnerable especially to hackers. As a result, he decided to split his wealth into 12 different bitcoin accounts.
He then equally transfer equally 500BTC to each one of them. He wrote the codes on a piece of paper which he hid in a fishing rod cap. This happened about three years ago just before he got arrested for the â‚¬2000 worth of cannabis found in his car.
How the codes got lost
During the dumb of his belongings, part of the fishing rod gear was found but not the cap. The parties involved in the dumbing Collinsâ€™ belongings disposed of the waste to Germany and China for incinerated. However, the codes were nowhere in these and make the 6000 BTC irretrievable.
Despite this, the Irish police have confiscated his bank account. And since they havenâ€™t found to the bitcoin account had to settle with what they got. Additionally, there are still reports of a follow up by the Irish Criminal Assets Bureau in hope that they can get hold of the account.
Collins is serving 5 years sentence in jail and contrary to what he thought, might be going out to nothing.
A great conspiracy would be, finding out the drug dealer didnâ€™t actually lose the codes and instead hid them somewhere else. Also, tell us your thoughts in the comments section below.
Crypto analyst and Author