Ireland Moves $38M in Bitcoin Tied to Drug Dealer Lost Fishing Rod

Ireland’s Criminal Assets Bureau (CAB) has seized an additional 500 bitcoins valued at approximately $38 million, pushing total recoveries linked to a drug dealer past €134 million, according to reporting by Sunday World and Bitcoin.com.

The latest transfer occurred on Aug. 28, 2026, when the 500 BTC moved from a legacy Pay-to-PubKey-Hash wallet created on Jan. 23, 2016, to a newer Pay-to-Script-Hash address. According to blockchain tracking data cited by Bitcoin.com, the transaction represents the first time these specific coins have moved in over a decade. When the wallet was originally established, bitcoin traded near $382 per coin, valuing the entire cache at just $191,217 before its dramatic appreciation to $38 million.

The Missing Fishing Rod and Clifton Collins’ Digital Cache

The seized funds originate from Clifton Collins, a cannabis dealer prosecuted years ago by Irish authorities. According to reports from Bitcoin.com, Collins initially forfeited roughly $3 million in bitcoin following his arrest. However, authorities could not access a much larger stash of 6,000 BTC because the seed phrase was recorded on a piece of paper hidden inside a fishing rod.

Collins told investigators that the rod was kept at a rented property, but when police searched the premises, the item had vanished. Neither CAB nor Europol’s European Cybercrime Centre has ever officially confirmed finding the fishing rod or explained how they gained access to the private keys. Instead, official statements from law enforcement point to complex technical expertise and decryption resources, as reported by The Irish Times.

Tracking CAB’s Phased Bitcoin Recoveries

Blockchain analytics from Arkham Intelligence show that the latest batch of coins was transferred to Coinbase Prime. This August movement follows previous seizures earlier in the year, with notable transfers occurring in March and during the first week of July.

With this latest $38 million breakthrough, CAB has successfully recovered a cumulative total of 2,000 BTC tied to the Collins case, worth an estimated $155 million at current market prices. Sunday World noted that the overall recovery has now surpassed €134 million, marking a milestone in Irish law enforcement’s handling of confiscated digital assets.

As of late August 2026, neither Irish officials nor Europol’s cybercrime unit have issued a formal public confirmation detailing how the latest 500 BTC became accessible, leaving blockchain records as the primary verifiable proof of the transfer.