Ireland's Criminal Assets Bureau (CAB) is currently holding Bitcoin seized from a drug dealer in 2019, valued at €345 million ($378 million), that they are unable to access. The Bitcoin, initially worth $56 million when seized, was confiscated from Clifton Collins in 2020 due to criminal activity. Despite efforts to transfer the Bitcoin to CAB under the Proceeds of Crime legislation, access to the 12 wallets holding the cryptocurrency has been restricted for four years. Collins, who invested in Bitcoin in 2011 using profits from illegal activities, claims to have hidden the seed phrases in a fishing rod case, which was later lost. Governments worldwide have benefited from selling seized Bitcoin, with the German government selling €2.6 billion ($2.9 billion) worth of Bitcoin earlier this year. The U.S. government is also preparing to sell a $4.4 billion stash of Bitcoin seized from Silk Road. This trend highlights the challenges and opportunities associated with managing seized cryptocurrency assets. Read more AI-generated news on: https://app.chaingpt.org/news

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