The Irish Criminal Assets Bureau (CAB) seized $56 million worth of Bitcoins from drug trafficker Clifton Collins in 2020. The current value of these Bitcoins is as high as $378 million. However, due to the loss of the private keys, Irish authorities have been unable to Neither has access to these Bitcoins. (Preliminary summary: Financial lawyer: The U.S. government’s transfer of 10,000 Bitcoins is “definitely a sale” and not a custody. The biggest nightmare is coming?) (Background supplement: Trump once again shouted to the U.S. government: Selling Bitcoins is self-destruction. It should be Fully BUILD) Not your keys, not your coins! A recent (Irish Times) report perfectly illustrates this famous saying that has been passed down in the cryptocurrency space. The Irish Criminal Assets Bureau cannot access the Bitcoins it seized (Decrypt) reported yesterday (9th) that the Irish Criminal Assets Bureau (CAB) seized US$56 million worth of Bitcoins from drug trafficker Clifton Collins in 2020. Currently, these The value of Bitcoin has reached $378 million. However, what is causing headaches for the Irish authorities is that the drug trafficker stored the Bitcoins in 12 cryptocurrency wallets. However, because the Irish authorities failed to master the private keys of these wallets, they have been unable to access these Bitcoins for the past four years. . The drug dealer said that the private key had been lost. According to the drug dealer, he had used the profits from his drug business to invest in Bitcoin since 2011, when the price of Bitcoin was still between US$0.3 and US$29. Regarding his private key, the drug dealer said that he had hidden the file storing the private key in a fishing rod box, but unfortunately, the box was lost during a burglary, or it may be that after he was arrested, The private key was lost as a result of the authorities' cleanup of the property. All in all, these private keys may no longer be found, and those Bitcoins worth hundreds of millions of dollars can only go to sleep. So far, CAB has recovered only a small amount of funds from the drug trafficker, including 89 Bitcoins, fishing boats, and electric bicycles. Taking advantage of this incident, DongZu also reminds investors that the wallet private key is very important and be sure to keep your private key! Extended reading: Popular science) What are cold wallets and private keys?Is Ke Wenzhe’s USB flash drive really a key piece of evidence for cryptocurrency financial operations? The U.S. government holds more than 200,000 Bitcoins. However, on the other hand, Bitcoins confiscated by the government are usually subject to foreclosure. The Irish Criminal Assets Bureau's inability to obtain the private keys this time also eliminates possible selling pressure. For example, Germany has been selling about 50,000 Bitcoins since June 19 this year, causing BTC to fall under selling pressure and investors’ bearish sentiment. Another government selling pressure that investors are most concerned about is the United States. Between November 2020 and 2022, in three different law enforcement operations, it seized more than 100,000 yuan from cybercriminals and darknet markets. 200,000 Bitcoins, which are currently mainly stored in encrypted, password-protected offline cold wallets controlled by the U.S. Department of Justice, the Internal Revenue Service, or other agencies. The main sources of Bitcoin seizures by the US government are as follows: November 2020, from the largest black market on the dark web, Silk Road – 69,369 BTC January 2022, from the Bitfinex hacker – 94,643 BTC March 2022, from the Silk Road hacker James Zhong confiscated – 51,326 BTC, the US government still holds 41,500 BTC. Related reports Samson Mow recommended that the Taiwanese government buy “83,000 Bitcoins” and embrace BTC with three major strategies. Data decryption: The German government’s selling wave may not be the culprit of Bitcoin’s decline. Telegram founder Pavel Durov: I have hundreds of millions of fiat currencies and bitcoins for 10 years! Government surveillance will give rise to "secure communication hardware" "The Irish government confiscated $370 million in Bitcoin but cannot liquidate it: the private key may have been lost..." This article was first published in BlockTempo (Dong District Dongzhi-the most influential blockchain news media).

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