Ireland Moves $38M in Bitcoin Tied to Drug Dealer’s Lost Fishing Rod

Ireland’s Criminal Assets Bureau (CAB) transferred 500 BTC, valued at roughly $38 million at current prices, from a legacy wallet that was originally created in January 2016. The coins were linked to Clifton Collins, a cannabis dealer whose assets have been the focus of a multi‑year seizure effort.

Details of the latest transfer

The 500 BTC moved from a Pay‑to‑PubKey‑Hash (P2PKH) address to a newer Pay‑to‑Script‑Hash (P2SH) address on August 28, 2026. This was the first on‑chain activity for the wallet in more than ten years; at the time of its creation Bitcoin was priced around $382, making the original value of the stash about $191,000.

Background on the Collins case

Collins was first reported in early 2021 as a cannabis dealer who forfeited approximately $3 million worth of Bitcoin to Irish authorities. At that time, CAB indicated it could not access an additional 6,000 BTC that Collins claimed was stored using a seed phrase hidden inside a fishing rod. The whereabouts of the rod have never been officially confirmed.

Recovery progress

Including the latest movement, CAB has now transferred a total of 2,000 BTC, valued at about $155 million at today’s price. Previous transfers occurred in March and early July of 2026. Neither CAB nor Europad’s European Cybercrime Centre has publicly confirmed how the most recent 500 BTC became accessible.

Where the funds went

Blockchain analysis shows the transferred coins were sent to a Coinbase Prime address. Authorities have described the operation as involving “highly complex technical expertise and decryption resources,” though specific methods have not been disclosed.