Irish High Court has seized Bitcoin worth €52 million from an alleged drug dealer.
The 49-year-old did not contest the Criminal Asset Bureau’s application to seize the Bitcoin. He was subsequently charged with various offences under the Misuse of Drugs Act.
Inquiries into Collins’ assets came from a lengthy police investigation in connection with an arrest in February 2017 that saw officers stop a vehicle driven by Collins with a quantity of cannabis.
Officers then searched an address in a remote location near to Maam Cross, where a number of cannabis plants were found discovered.
While it is being considered a landmark case due to the sheer amount of cryptocurrency being seized, it has been a fairly common occurrence over the past few years in connection with the infamous dark web.
Last April a Canadian drug dealer was ordered to forfeit a $1.9 million stash of Bitcoin while, one month earlier, an international team of police made 61 arrests and seized $6.2 million in Bitcoin in connection with dark web drug dealing.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.