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News With David Bacon
News With David Bacon
6:45am - 10:00am
News with David Bacon

Qabilene Updates

A Drug Dealer Lost $58 Million in Bitcoin When His Landlord Threw Out the Codes He'd Hidden in His Fishing Equipment

There's a fishing rod case in a landfill somewhere that's worth a LOT of money.

 

 

A 49-year-old guy named Clifton Collins from Farnaught, Ireland is a marijuana dealer.  And back in 2011, he invested some of the money he made selling weed in Bitcoin.

 

 

Back then, bitcoins cost $4 to $6.  Today, they're worth around $9,700 . . . bringing Clifton's total value up to around $58 million.

 

 

But Clifton was arrested in 2017 and locked up for the last few years.  And while he was inside, his landlord cleaned out his place.

 

 

It turns out that Clifton had hidden the codes to access the bitcoin inside his fishing rod case.  Without those codes, there's no way to access the money.  And the landlord had no idea . . . so he threw out the fishing case.

 

 

It turns out that the dump it went to sends its trash to Germany and China . . . so it's either in a random landfill somewhere in the world, or possibly incinerated.

 

 

The Irish government has been trying to seize the bitcoin for the past few years, but they've accepted that they won't be able to get it unless some new technological development allows them to access it. 

 

 

(Irish Times)

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