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Crypto World

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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Coinbase Expands Morpho Powered USDC Loans to UK

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TLDR

  • Coinbase has launched crypto-backed USDC loans for users in the United Kingdom through Morpho on Base.
  • UK customers can borrow USDC against Bitcoin, Ethereum, and cbETH without selling their holdings.
  • The platform allows loans to be issued in under one minute, and funds can be used onchain or converted to fiat.
  • Coinbase offers Bitcoin-backed loans up to $5 million USDC, depending on the collateral pledged.
  • Interest rates remain variable and update with Base block production instead of following a fixed schedule.

Coinbase has introduced crypto-backed USDC loans for customers in the United Kingdom. The company allows users to borrow against Bitcoin, Ethereum, and cbETH without selling assets. It powers the product through Morpho on Base and issues loans in under one minute.

Coinbase and Morpho Expand USDC Lending to the UK

Coinbase rolled out the borrowing service after expanding its US product earlier this year. The company routes all loans through Morpho’s onchain lending infrastructure on Base. As a result, users access open market liquidity instead of a traditional internal loan book.

The platform allows customers to borrow USDC against pledged crypto assets. Coinbase said borrowers can use funds onchain or convert them into fiat for spending. The company confirmed that interest rates remain variable and update with Base block production.

Coinbase reported that total loan originations through Morpho exceeded $2.17 billion USDC as of April 14, 2026. The figure reflects activity before the product’s first international launch. Morpho described the integration as “one of the largest DeFi distribution moves to date.”

Bitcoin, Ethereum, and cbETH Back UK Borrowing

The UK version supports Bitcoin, Ethereum, and cbETH as eligible collateral. Coinbase offers Bitcoin-backed loans up to $5 million USDC, depending on pledged assets. The company applies variable interest rates determined by onchain markets.

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Borrowers do not face a fixed repayment schedule under the current structure. However, the system can liquidate positions if loan value rises too high against collateral. Coinbase stated that rates adjust automatically with each new Base block.

The company launched its US borrowing product in January 2025. At that time, eligible US customers could borrow USDC against Bitcoin through Morpho. The company structured those loans with variable rates set by onchain supply and demand.

Coinbase said the UK expansion aligns with its broader consumer finance plans. Over the past year, the company secured UK VASP registration from the Financial Conduct Authority. It also introduced a GBP savings account in partnership with ClearBank.

The company expanded decentralized exchange trading access for British customers during the same period. Now, it adds borrowing as another feature for UK users. Coinbase aims to convert idle crypto balances into accessible liquidity.

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The product operates fully on Morpho’s decentralized lending framework. Coinbase connects customers directly to liquidity pools on Base. Therefore, the company avoids maintaining its own lending inventory.

Coinbase confirmed that loans can be issued in less than one minute. Users can draw USDC immediately after pledging collateral. The company stated that the process runs entirely through smart contracts on Base.

Coinbase continues to monitor loan originations across supported markets. As of April 14, 2026, total originations surpassed $2.17 billion USDC. The UK launch marks the company’s first expansion of the Morpho-powered borrowing product outside the United States.

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JSCC Tests Japanese Government Bonds as Digital Collateral on Canton

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JSCC Tests Japanese Government Bonds as Digital Collateral on Canton

Japan Securities Clearing Corporation (JSCC), part of Japan Exchange Group (JPX), said Monday it will launch a proof of concept with Mizuho Financial Group, Nomura Holdings and Digital Asset to test the use of Japanese government bonds as digital collateral on the Canton Network.

The project will examine whether Japanese Government Bonds (JGBs) can be transferred and managed onchain while maintaining the legal status of the bonds under the Book-Entry Transfer Act and the Financial Instruments and Exchange Act.

The trial will also test whether integrating existing systems with Canton’s blockchain infrastructure can support more sophisticated, real-time collateral transactions on a 24/7 basis, including in cross-border use cases.

Japan’s Financial Services Agency selected the initiative in February for support under its Payment Innovation Project, which is part of the FinTech PoC Hub, the announcement states.

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The trial puts one of the world’s biggest sovereign bond markets into the live debate over whether collateral can move more efficiently across digital market infrastructure without breaking existing legal and supervisory frameworks.

PoC trial for digital collateral management using JGBs. Source: JPX

The companies said the trial comes as the use of digital assets accelerates in the United States and other markets, with momentum also building in Japan, and that the outcome is expected to inform discussions on how JGBs might be used in digital collateral processes, though no commercial rollout has been specified.

Related: Japan approves bill to classify crypto as financial instruments

Canton expands government bond tests

An earlier Canton pilot in December 2025 saw tokenized US Treasuries reused as collateral in real time between major dealers and market participants, including Bank of America and Société Générale. 

Those tests highlighted the potential to reuse high-grade government securities onchain across multiple participants, and the new JGB trial extends that approach to Japan’s government bond market. 

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Separately, in February, the United Kingdom’s government appointed HSBC’s Orion platform to host issuance for its Digital Gilt Instrument pilot in the Bank of England’s Digital Securities Sandbox as it explores distributed ledger technology for sovereign debt. 

Cointelegraph reached out to JSCC and Digital Asset for comment, but had not received a response by publication. 

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