Irish authorities confiscate $56 million in bitcoins from an alleged drug dealer

Clifton Collins, who stands accused of drug dealing, lost 52 million euro (56 million USD) after the Irish court ruled that they were proceeds from illegal activities and ordered to confiscate them.

ADVERTISEMENT

According to local news reports, the Irish High Court found Clifton Collins guilty of drug dealing and ordered to confiscate all bitcoins that were found with him. Collins did not contest the Criminal Assets Bureau’s application of the seizure of his assets. 

 

Police found cannabis in Clifton’s vehicle.

Law enforcement began investigating Collins when police found a quantity of cannabis in his vehicle during a traffic stop. Authorities then investigated Clifton’s house in Galway and discovered a large number of cannabis plants. Collins is believed to have invested in Bitcoin at an early stage and received great returns on his investment. Law enforcement imposed a freeze on his cryptocurrency so that they can not be moved with the court’s approval. 

 

Increase use of crypto on the darknet

In the last quarter of 2019, over $600 million were spent on the darknet. Earlier, blockchain analysis firm Chainalysis reported that there is an increase in the use of cryptocurrencies on the darknet in recent times. Bitcoin allows pseudo-anonymous payments that make it difficult to trace payments and catch the criminals. Total sales on the darknet grew by 70% in the previous year. But only one percent of all bitcoin transactions were related to illicit activities in 2019. 

ADVERTISEMENT
Avatar
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here