Hey ninja’s, how’s the trading going? $56 Million (52 million euro) in Bitcoin was seized from an alleged drug dealer after the Irish high court ruled that it was obtained through criminal activity and should be confiscated.
The news was reported on the 19th of February by local news outlet Independent.ie, the report explains that the court accepted that Clifton Collins (alleged drug dealer) was involved in drug trafficking and he did not debate the seizure of his assets by the Criminal Assets Bureau (CAB).
The investigation of Clifton Collins began when a quantity of Cannabis was found in his car by a policeman during a traffic stop, which led to a search of an address in a village in Galway where the police found a large number of cannabis plants linked to the accused.
It is believed that Clifton Collins had invested in bitcoin in its early stage and profited from his investment. The CAB made sure his cryptocurrency was frozen to ensure that the funds could not be transferred elsewhere without the court's approval. Clifton Collins crypto funds were considered criminal proceeds, implying hat his initial investment in Bitcoin was gotten through criminal activities.