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Thread: A weed dealerís $59M lesson: Donít hide Bitcoin keys with a fishing rod

  1. #1

    A weed dealerís $59M lesson: Donít hide Bitcoin keys with a fishing rod

    https://arstechnica.com/information-...a-fishing-rod/

    In a world where various mass breachers dictate the use of strong, randomized passwords more than ever, reliable and secure credentials management is paramount in 2020. One Irish drug dealer has evidently learned this lesson the hard way.

    This week, the Irish Times reported the sad tale of Clifton Collins, a 49-year-old cannabis grower from Dublin. Collins quietly grew and sold his product for 12 years, and he amassed a small fortune by using some of that revenue to buy bitcoins around 2011 and 2012 before the price of the cryptocurrency soared. But in 2017, state authorities on a routine overnight patrol spotted and then arrested Collins with an estimated $2,171 of cannabis in his car. The man quickly earned himself a five-year jail sentence.

    According to the Times: as part of authorities' investigation, Ireland's Criminal Assets Bureau discovered and confiscated 12 Bitcoin wallets belonging to Collins totaling nearly $59 million (reportedly the biggest financial case in CAB's 25-year-history). There was only one problemóCAB couldn't access the accounts because Collins had lost the keys.

    Nervous about having a ton of money tied up in a single wallet, Collins diversified in 2016 by splitting his 6,000 bitcoins across 12 newly created wallets, the Times writes. And to further secure this fortune, Collins reportedly hid a piece of paper containing the access codes inside a fishing rod case at his home.

    Unfortunately for Collins then and authorities now, Collins says a separate criminal broke into his home in 2017 and cleared the man's belongings. And upon Collins' arrest, his former home was cleared on behalf of his landlord, with left-behind belongings taken to a dump. The Times reports that dump workers told state police they remembered seeing fishing gear, but waste from this particular dump is sent to Germany and China and incinerated by procedure. The fishing rod case has been missing ever since.

    Tales of lost Bitcoin glory are nothing new, of course. Back in 2016, the Tahoe-LAFS free software project nearly lost ~$389,000 in Bitcoin donations when a laptop containing the access information was reformatted. The very next year, $280 million in Ethereum was frozen after the deletion of a single wallet.

    Police told the paper they hope Bitcoin tech will evolve so this cache could be accessed and then converted to cash for the state to use. As for the man who started and once held those funds, as the Times wrote, "Collins told gardaŪ [Irish police] he has had time to come to terms with the loss of the money and regarded it as punishment for his own stupidity."



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  3. #2
    Quote Originally Posted by TheCount View Post
    ...I believe that when the government is capable of doing a thing, it will.
    Quote Originally Posted by Influenza View Post
    which one of yall fuckers wrote the "ron paul" racist news letters
    Quote Originally Posted by Dforkus View Post
    Zippy's posts are a great contribution.




    Disrupt, Deny, Deflate. Read the RPF trolls' playbook here (post #3): http://www.ronpaulforums.com/showthr...eptive-members

  4. #3
    Quote Originally Posted by TheCount View Post
    ...I believe that when the government is capable of doing a thing, it will.
    Quote Originally Posted by Influenza View Post
    which one of yall fuckers wrote the "ron paul" racist news letters
    Quote Originally Posted by Dforkus View Post
    Zippy's posts are a great contribution.




    Disrupt, Deny, Deflate. Read the RPF trolls' playbook here (post #3): http://www.ronpaulforums.com/showthr...eptive-members

  5. #4
    BANNED!

    why I should worship the state (who apparently is the only party that can possess guns without question).
    The state's only purpose is to kill and control. Why do you worship it? - Sola_Fide

    Baptiste said.
    At which point will Americans realize that creating an unaccountable institution that is able to pass its liability on to tax-payers is immoral and attracts sociopaths?

  6. #5
    The state should pay him whatever portion of the $59 million they are responsible for losing when they arrested him for having weed and his landlord threw away his $#@!.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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