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Irish Authorities Crack Drug Dealer’s Bitcoin Wallet After Nearly a Decade

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

Key Takeaways

  • Irish authorities and Europol successfully accessed a Bitcoin wallet inactive for almost ten years
  • Approximately 500 BTC valued at roughly $35 million was transferred to Coinbase on March 24, 2026
  • The cryptocurrency belonged to Clifton Collins, a convicted cannabis cultivator who concealed his private keys in a fishing rod container
  • Authorities believed the keys were permanently lost when Collins’ possessions were disposed of in a landfill after his 2017 detention
  • Law enforcement officials are confident the technique used can unlock the other 11 wallets containing over €330 million

The Criminal Assets Bureau (CAB) of Ireland, working alongside Europol, has gained access to a Bitcoin wallet that remained untouched for close to ten years. The wallet contained 500 BTC, currently valued at approximately $35 million, which was moved on-chain and deposited into Coinbase on March 24.

The cryptocurrency belonged to Clifton Collins, a Dublin resident who was found guilty of operating large-scale cannabis growing operations spanning several Irish counties over more than a decade. Before his criminal enterprise, Collins worked in security and beekeeping.

Between 2011 and 2012, Collins purchased 6,000 Bitcoin when the digital currency was trading for just a few dollars. He financed these acquisitions using profits from his cannabis business.

Collins divided his 6,000 BTC holdings evenly among 12 separate wallets, placing 500 BTC in each one. He printed all the private keys onto a single piece of paper and concealed this document inside a fishing rod case at his rented residence in Galway.

In 2017, law enforcement arrested Collins following the discovery of cannabis during a routine vehicle inspection. Subsequently, his landlord cleared out the property and discarded Collins’ belongings at a landfill site.

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The fishing rod case containing the sole copy of the private keys was almost certainly destroyed in the process. Collins later indicated that a burglary at the property might have also played a role.

In 2020, an Irish High Court mandated the seizure of the Bitcoin. At the time, the 6,000 BTC was valued at approximately €53 million. Today, that same amount is worth roughly €360 million.

Despite the court’s ruling, CAB had no method to access the cryptocurrency without the private keys. Both law enforcement and Collins assumed the Bitcoin was irretrievably lost.

The Method Behind the Breakthrough

CAB and Europol have not revealed the specific method used to access the wallet. Europol stated only that it supplied “highly complex technical expertise and decryption resources.”

One hypothesis suggests Collins may have stored his keys in an encrypted file secured by a weak password, which investigators could have cracked using brute force techniques.

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An alternative explanation is that Collins employed a defective tool to create all 12 key pairs. A compromised random number generator could have produced predictable keys, enabling investigators to recreate them.

Authorities reportedly have high confidence that the identical approach can be used on the other 11 wallets.

Outstanding Holdings

Collins still possesses 5,500 Bitcoin, currently worth approximately $389 million based on Arkham intelligence.

Should CAB successfully unlock all remaining wallets with the same methodology, recovering the complete 6,000 BTC would represent the largest single asset confiscation in the bureau’s operational history.

The 500 BTC transferred on March 24 represents the first verified access to any of Collins’ wallets since his apprehension nine years ago.

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Tether Takes 8.2% Stake in Antalpha, Expanding Mining Financing Ties

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Crypto Breaking News

Tether has disclosed an 8.2% stake in Antalpha, acquiring about 1.95 million Antalpha shares through related entities. The position, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission, places the stablecoin issuer among Antalpha’s largest shareholders following the mining-focused lender’s May 2025 initial public offering. Giancarlo Devasini, Tether’s chairman, shares voting and dispositive power over the stake, according to the filing. The document also notes that Tether and its affiliates may adjust their holdings over time in response to market conditions and other factors.

Antalpha operates in the Bitcoin-backed lending and equipment-financing space, catering to mining operators. The company reported a loan portfolio of about $1.6 billion as of the end of 2024 and maintains close ties to the Bitmain ecosystem, a major supplier of mining hardware.

Antalpha raised roughly $49.3 million in its IPO, at $12.80 per share. Tether had previously signaled a potential interest in purchasing up to $25 million worth of shares.

In its latest annual figures, Antalpha posted 2025 revenue of $79.7 million, up 68% year over year, with net income rising to $18.5 million—more than triple the previous year’s figure. On the day of the disclosure, Antalpha’s stock climbed about 7.2% to around $9.97 in early trading, according to Google Finance data.

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Source: Cointelegraph, based on the Schedule 13D filing and Antalpha’s financial disclosures.

Key takeaways

  • Tether now holds roughly 1.95 million Antalpha shares, representing an 8.2% stake and giving the founder’s circle voting power over the position, per the Schedule 13D.
  • The stake arrives after Antalpha’s May 2025 IPO, with Tether previously indicating interest in buying up to $25 million of shares.
  • Antalpha’s core business centers on Bitcoin-backed lending and mining equipment financing, with a reported $1.6 billion loan portfolio at year-end 2024 and ties to the Bitmain ecosystem.
  • Tether’s broader investment strategy is to deploy profits across crypto infrastructure, tokenized assets, and related tech—new bets alongside existing holdings in Eight Sleep, Gold.com, Anchorage Digital, and a Kaio-backed round.
  • The stablecoin issuer remains the dominant player in the market, with USDT accounting for about $187 billion in market capitalization and the total stablecoin market near $320.7 billion.

Antalpha and the mining-finance niche

Antalpha’s business model emphasizes liquidity and equipment financing for mining operators, a space that has drawn interest from investors seeking exposure to the cyclical upswing of crypto mining. The company’s sizable loan portfolio signals a continued focus on securing scalable credit lines for operators navigating equipment cycles and capital expenditure needs. Its connection to Bitmain’s ecosystem underscores a strategic alignment with a major supplier in the mining hardware sector, potentially easing access to hardware and related financing channels for clients.

Tether’s stake: governance, strategy, and potential impacts

The Schedule 13D filing confirms that Tether’s stake in Antalpha is substantial enough to position the company as a major shareholder. With Devasini listed as sharing voting and dispositive power, the arrangement signals an intentional governance role in Antalpha’s ongoing development. While the filing notes that Tether and its affiliates may adjust their position over time, the move reflects a broader pattern of Tether diversifying beyond its core stablecoin operations into strategic investments across crypto finance, infrastructure, and real-world asset initiatives.

Cointelegraph has previously reported on Tether’s expansive capital deployment—an approach that taps profits from USDT to fund ventures across mining, AI, financial services, and tokenized assets. The recent Antalpha stake complements a portfolio that has included investments in tokenized real assets and regulated financial infrastructure. The company’s strategy has included selective allocations to fintech and on-chain finance ventures, with profits fueling these bets rather than reserve-backed liquidity alone.

Tether’s broader venture footprint and what it signals

Beyond Antalpha, Tether’s investment activity this year has spanned several notable deals. In March, the company led a $50 million funding round for Eight Sleep, a firm building sleep-focused wellness hardware and software, which valued the company at around $1.5 billion. In February, Tether acquired a roughly $150 million stake in Gold.com, representing about 12% ownership, as part of its push to widen access to tokenized gold through its XAUt stablecoin product. In the same month, Tether announced a $100 million equity investment in Anchorage Digital, a federally chartered U.S. digital asset bank that provides custody, settlement, and stablecoin issuance services to institutional clients.

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CEO Paolo Ardoino has publicly highlighted the breadth of Tether’s venture exposure, noting that the firm has invested in more than 120 companies through its venture arm, with funding drawn from profits rather than from stablecoin reserves. This approach aims to diversify the company’s revenue streams and digital-asset ecosystem exposure while maintaining a cautious stance toward custodial and regulatory-compliant ventures.

Earlier this month, reports surfaced that Tether could pursue fresh capital at a valuation around $500 billion, with the company signaling that fundraising could be delayed if investor appetite does not materialize. The stake in Antalpha, along with the broader lineup of strategic bets, reinforces a narrative of continuous expansion into crypto infrastructure and related industries—an approach that aligns with Tether’s long-term ambition to anchor a broader ecosystem around stablecoins and on-chain finance.

Market context and what to watch next

Antalpha’s performance, combined with Tether’s growing investment footprint, offers a window into how stablecoin issuers are recalibrating their role in the crypto economy—from liquidity providers to strategic accelerators for on-chain assets, mining finance, and tokenized real-world assets. For investors, the key questions revolve around governance outcomes, the impact on Antalpha’s strategy and profitability, and how Tether’s venture portfolio may influence regulatory and market perceptions of stability-backed capital in crypto markets.

As the crypto landscape evolves, observers will watch how Tether’s stake translates into governance influence at Antalpha, how Antalpha leverages this partnership to scale its lending and financing operations, and how the broader set of Tether-backed ventures interacts with growth in mining, asset tokenization, and institutional-grade on-chain infrastructure.

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Readers should stay attentive to Antalpha’s quarterly results and any subsequent regulatory disclosures that illuminate how such strategic holdings shape governance, risk, and value creation in the mining-finance niche and beyond.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Tether Takes 8.2% Stake in Antalpha, Backs Bitcoin Mining Finance

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Tether Takes 8.2% Stake in Antalpha, Backs Bitcoin Mining Finance

Tether has taken an 8.2% stake in Antalpha, making the stablecoin issuer one of the company’s largest shareholders following its May 2025 initial public offering (IPO), according to a Monday filing.

The Schedule 13D filing with the US Securities and Exchange Commission indicates that Tether now holds 1.95 million shares through related entities, with Giancarlo Devasini, chairman of Tether, sharing voting and dispositive power over the position.

The filing also states that Tether and its related entities may increase or reduce their holdings over time depending on market conditions and other factors.

Antalpha provides Bitcoin-backed lending and equipment financing to mining operators, reporting a loan portfolio of about $1.6 billion as of the end of 2024, and is closely tied to the Bitmain ecosystem, a major supplier of mining hardware.

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Antalpha raised about $49.3 million in last year’s IPO at $12.80 per share, according to its prospectus. Tether had previously indicated interest in purchasing as much as $25 million worth of shares.

Antalpha reported 2025 revenue of $79.7 million, up 68% year over year, while net income rose to $18.5 million, more than tripling from the previous year.

On Monday, its shares rose about 7.2% to around $9.97 in early trading, per Google Finance data.

Source: Google Finance

Tether is the issuer of Tether (USDT), the largest stablecoin by market capitalization, with a market cap of about $187 billion, roughly 58.4% of the total stablecoin market, which stands near $320.7 billion, according to DefiLlama data.

Stablecoin market cap. Source: DefiLlama

Related: Tether announces $150M recovery program for Drift Protocol

Tether expands investments across crypto infrastructure and beyond

Tether’s investment in Antalpha comes as the company is using its recent profits to expand into a range of sectors tied to digital assets, including mining, artificial intelligence, financial services and tokenized assets.

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Earlier on Monday, real-world asset tokenization protocol Kaio said Tether participated in an $8 million funding round.

“The participation of Tether reflects direct strategic alignment,” the announcement said. “USDT has become the dominant settlement layer for cross-border capital flows. KAIO provides the next layer: structured, compliant access to institutional-grade yield for USDT holders.”

In March, Tether led a $50 million investment in Eight Sleep, a company that develops sleep-focused products such as smart mattresses and wellness systems, valuing it at $1.5 billion.

In February, the company acquired a $150 million stake in Gold.com, representing about 12% ownership, as part of a push to expand access to tokenized gold through its XAUt product.

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The same month, Tether made a $100 million equity investment in Anchorage Digital, a federally chartered US digital asset bank that provides custody, settlement and stablecoin issuance services to institutional clients.

CEO Paolo Ardoino said in July that Tether has invested in more than 120 companies through its venture arm, with those investments funded from company profits rather than stablecoin reserves.

Source: Paolo Ardoino on X

Earlier this month, Tether was reported to be seeking fresh capital at a $500 billion valuation, with the company indicating it could delay the raise if investor demand falls short.

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