Reclusive cannabis dealer Clifton Collins hid the crypto codes in a fishing rod case.

Clifton Collins, a former security guard, and beekeeper in Ireland struck the mother lode when he stumbled upon cannabis as a lucrative, though illegal trade.

For almost 12 years Collins secretly grew cannabis at three rented locations and sold the harvests to drug dealers in Dublin.

He invested the proceeds in bitcoin. This was a smart move that helped him stash the fortune anonymously as well as gain from its huge appreciation.

In a chance encounter, Gardai (the Irish police force), apprehended Collins with €2,000 worth of cannabis stowed in his Lexus. After his arrest detectives searched his home and found the drug operation, including 500 cannabis plants valued about €400,000. (Irish Times).

At the time of his arrest three years ago, Collins was producing about 4  kg of cannabis herb every 16 weeks, valued at about €28,000. The courts sentenced him to jail for five years.

How Collins (and the Irish State) lost $56 million

Between 2011 and 2012, Collins converted his cannabis drug proceeds into 6,000 bitcoins held in 12 accounts. He recorded the access codes of the bitcoins on a piece of paper. This paper he hid inside a fishing rod case at his Galway home.

The existence and value of his hoard were discovered during investigations and in July 2019, the Criminal Assets Bureau (CAB) secured a freezing order on the bitcoins. On February 18, the High Court determined that the hoard was the proceeds of crime and ordered its forfeiture. The Court issued a permanent freezing order on the bitcoin, now worth about $56 million.

The CAB has therefore seized Collins’ 12 bitcoin wallets.

However, there’s one complication. While Collins was in jail, his house was burgled and later, the landlord cleared out his possessions. The fishing rod case is now lost, and with it, the precious access codes that are the key to the fortune.

According to the Irish Times, the Gardai have only left with the hope that a technological miracle would help them access the horde and turn it over to the State.

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