Drug Dealer Loses $60 Million In Bitcoin When Landlord Unwittingly Tosses Codes

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An Irish drug dealer learned the hard way what every bitcoin investor knows: never lose your codes.

Clifton Collins, a former security guard and a beekeeper turned weed grower/dealer, lost $60 million when his landlord cleaned out the house he’d been renting and sent everything to the dump — including Collin’s fishing rod case that hid his Bitcoin codes. Without the codes, the accounts can’t be accessed.

According to the Irish Times, “Collins bought most of the Bitcoin in late 2011 and early 2012 using cash he made growing crops of cannabis. In early 2017 he had just over 6,000 Bitcoin in one account but he feared it may be too easy for a hacker to access. He decided to spread his wealth across 12 new accounts … then printed out the codes for the 12 accounts onto a piece of paper. He hid the paper inside the aluminum cap of his case containing his rod which he kept at his rented home in Farnaught, Cornamona, Co Galway.

It all went south for Collins when he was arrested in 2017 for cannabis possession and sentenced to five years in prison. His house was broken into and, shortly thereafter, his landlord sent his belongings — including the fly fishing case — to the dump, where it was sent to be incinerated.

Read more at NY POST.

{Matzav.com}


3 COMMENTS

  1. One is being asked to believe that he made $60 million profit from growing cannabis? Other sites place the start of this career in 2005 and the bitcoins as being bought starting in 2011 (that is when bitcoin reached parity with the dollar) or 2012?

  2. Looks like I did not understand the article. Allegedly he bought all 6000 bitcoins in 2011/2012 for a total of about $30,000 ($5 each) and just sat on them as the price skyrocketed to nearly $10,000 per bit.

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