Irish Authorities Transfer $39.6 Million of Seized Bitcoin to Coinbase Prime

Irish law‑enforcement agencies have transferred 500 Bitcoin, worth roughly $39.56 million at current market rates, to the institutional platform Coinbase Prime. The coins originated from a group of wallets tied to convicted drug dealer Clifton Collins, whose holdings were previously considered inaccessible after the private keys were lost.

Background on the Collins stash

Collins is reported to have accumulated about 6,000 BTC in 2011‑2012 from cannabis sales, when Bitcoin traded near $5. The assets were split across 12 wallets, each holding roughly 500 BTC. Private keys were printed on paper and hidden inside a fishing‑rod case, which was later discarded, rendering the wallets effectively unreachable.

Recovery efforts

Starting in March 2026, Irish authorities, with technical assistance from Europol’s European Cybercrime Centre, began unlocking the dormant wallets. By July 2026 the Criminal Assets Bureau (CAB) had recovered a total of 1,500 BTC from three separate wallets.

Latest movement to Coinbase Prime

On August 28, blockchain analytics firm Lookonchain flagged a transaction of 500 BTC moving to a Coinbase Prime address. The platform provides custody and trade‑execution services for institutions, governments and other entities. The deposit does not confirm whether the Bitcoin has been sold, retained in custody, or otherwise managed.

Implications

The transfer illustrates how seized cryptocurrency can be moved to regulated custodial services for further handling. While U.S. agencies also use Coinbase Prime for forfeited assets, Irish officials have not disclosed the specific purpose of this particular deposit.