The Criminal Assets Bureau (CAB), a law enforcement agency in Ireland, has seized crypto assets worth of €52 million from drug dealer after the High Court ruled that it was the proceeds of crime.
Clifton Collins, from Crumlin, in Dublin’s south inner city, was involved in the sale and supply of drugs. The court ruled that the Bitcoin should be forfeited under the Proceeds of Crime legislation.
In February 2017, local police stopped an SUV driven by Collins and found a quantity of cannabis in the vehicle. Then, during the investigation, a large number of suspected cannabis plants were found growing.
It is assumed that the drug dealer invested in Bitcoin in the early stages of its development, and its value as a cryptocurrency increased dramatically over the years.
The Criminal Assets Bureau received a freezing order to make sure that the funds cannot be withdrawn from its wallet without the court’s approval.