Great report from Newsweek
An Irish drug dealer lost around $60 million worth of bitcoin after his landlord threw out the codes used to access his accounts.
According to The Irish Independent, Clifton Collins, who is originally from Crumlin, Dublin, is currently on trial for charges of drug possession, and last week forfeited his 12 digital bitcoin accounts but noted that he had lost the codes to access them.
Collins was originally a security guard, but in 2011 he started growing and selling cannabis, The Irish Times reported.
A few years later, in 2017, Collins had around 6,000 bitcoin in one account, but in fear of being hacked, he spread the amount through 12 different accounts, and wrote the 12 access codes on a piece of paper and hid them in the aluminum cap of his fishing rod case. Collins placed exactly 500 bitcoin, worth almost $4.9 million, into each of the 12 accounts.
Collins’ codes were safely stashed away in his fishing rod case until he was arrested for cannabis possession. He was sent to jail for five years and while serving the sentence his rental house was robbed, prompting the landlord to clear out the house and send many of Collins’ belongings to a dump, the Times reported.