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Offbeat Drug dealer loses $58M in bitcoin after landlord accidentally throws codes out

03:46  25 february  2020
03:46  25 february  2020 Source:   cnet.com

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Once you buy Bitcoin , the cryptowallet issues you a code that's needed to access it. Anyone who gets that code can access and potentially steal the cryptocurrency, so buyers are usually encouraged to hide their Bet that wouldn't have happened if he had kept his $ 58 M in cash, like a normal drug dealer .

A drug dealer from Dublin, Ireland, lost million Bitcoin when his landlord was cleaning the house and threw away the codes for his Bitcoin accounts, which were printed on an A4 piece of paper that the unfortunate businessman had left in a fishing rod case, the Irish Times reported on Friday.

Bitcoin is currently worth over $9,700. Dan Kitwood/Getty © Provided by CNET Bitcoin is currently worth over $9,700. Dan Kitwood/Getty

Between 2011 and 2012, Clifton Collins bought 6,000 bitcoin using money he earned from growing and selling marijuana, reports The Irish Times. At the time, the cryptocurrency's price varied between $4 and $6. Today it stands at over $9,700. But Collins, who is 49, isn't enjoying any euphoria for the windfall -- because his landlord threw out his bitcoin codes.

The Irish Times reports that Collins was arrested in 2017 for growing and selling marijuana and was subsequently hit with a five-year prison sentence. Following this, his landlord sent many of Collins' possessions to a local dump during the process of clearing out Collins' room. One such item was a fishing rod case, which housed a piece of paper with €53.6 million ($58 million) in bitcoin codes printed onto it.

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After a drug dealer in Ireland who amassed $ 58 million in bitcoin was put in jail, he had his access codes thrown out , losing him all of his cryptocurrency. As he was stuck in jail, Collins' landlord decided to clear out his apartment and get rid of all of his possessions by throwing out most of his

An Irish drug dealer lost around million worth of bitcoin after his landlord threw out the codes used to access his accounts. According to The Irish Independent, Clifton Collins, who is originally from Crumlin, Dublin, is currently on trial for charges of drug possession, and last week forfeited his

Cryptocurrency is bought through so-called cryptowallets. Once you buy bitcoin, the cryptowallet issues you a code required to access it. Anyone who gets that code can access and potentially steal the cryptocurrency, so buyers are usually encouraged to hide their codes somewhere safe.

In 2017, Collins spread his 6,000 bitcoin across 12 accounts to guard against losing his crypto-fortune, according to the Times. He printed out the codes to his bitcoin stash on a piece of paper, the same paper he stuffed into the aforementioned fishing rod case.

The past few years have seen others lose digital fortunes even greater than Collins' $58 million. A man in the UK accidentally threw out a hard drive storing $127 million worth of bitcoin codes. Gerald Cotten, owner of a Canadian cryptocurrency exchange, died in December 2018, leaving behind $190 million in cryptocurrency for which he had the only password.

In what's likely little consolation, Collins wouldn't have been able to cash in his bitcoin even if the paper hadn't been lost to the dump. Ireland's Criminal Asset Bureau seized the cryptocurrency, on the grounds that its purchase was funded by illicit activity, The Irish Times reported Friday.

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