An Irish Man Has Lost $59 Million In Bitcoin By Losing His Codes Accidentally

An Irish drug dealer faced a huge loss of $59 million in bitcoin after his landlord mistakenly threw away his case that had codes to access his wallets.

How did he make such a big number?

According to a report by the Irish Times, 49-year-old drug dealer, Dubliner Clifton Collins made a buck in bitcoin between 2011 and 2012. At that time when BTC was trading for less than $5, Dubliner Collins purchased more than 6,000 Bitcoins using funds obtained from illegally growing and selling marijuana.

Dubliner got sentenced and left the codes behind

For the illegal possession and sale of cannabis Dubliner Collins was sentenced to five years in prison in 2017. Before being arrested, he had hidden the codes of his twelve bitcoin wallets, each containing around 500 BTC. The codes were inside the cap of a fishing rod case kept in his rented home in Farnaught, Cornamona, Co Galway.

While Dubliner Collins was in prison, his landlord eventually sent that fishing rod case and other belongings to the local landfill from where the waste was moved to Germany and China.

Are codes discarded?

Workers at the local dump informed officers they remember some discarded fishing gear that was, later on, moved out of the country with the other waste.

Even though Ireland’s Criminal Assets Bureau (CAB) has since confiscated all the accounts, the BTC is inaccessible without the codes.