The High Court of Ireland has ordered an alleged drug to forfeit as much as 5,500 bitcoins (currently worth around $56 million) to the Criminal Assets Bureau.
5.5K Bitcoin Forfeited to CAB
Two days ago, on February 19th, the Irish High Court ruled that Clifton Collins, an Irish citizen from Dublin, purchased Bitcoin with proceeds made from selling drugs. Consequently, the man has been charged under the Proceeds of Crime legislation.
As a result, Collins has to forfeit whatever he purchased. According to the reports, the total amount of bitcoins equals 5,500 which is roughly around $56 million at the time of this writing.
More interestingly, the alleged drug dealer has also been an early investor in the cryptocurrency. He managed to grow his portfolio using drug money.
Not The First Case
Bitcoin is pseudonymous. While it's not entirely anonymous as most people tend to believe, the cryptocurrency provides notably greater anonymity compared to bank transfers or other forms of digital payments.
As such, it's been known to criminals and previous cases of Bitcoin being used as illicit means of funding do exist.
Back in 2019, four people pleaded guilty for distributing and advertising cocaine, heroin, and other drugs on the dark web. This happened in Arizona, USA.
Despite all of the above, it's worth noting that the most commonly used payment method for illicit activities remains cash. The good ol' fiat currency is still preferred, at large, by criminals across the globe. When it comes to crime, cash remains king.
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