He hid £46 million worth of BTC keys in a fishing rod cover. Where is his fortune now?
Drug dealer Clifton Collins hid a BTC worth £46 million in a fishing rod cover. The rest of the story was written by life itself. See for yourself.
There have already been many stories about people who lost all their bitcoins because of reckless storage of paper wallets. Perhaps the best known example is the case of James Howells, who threw away his hard drive, which had a 7500 BTC on it. This time we’re dealing with a story that has a chance to overshadow the Howells case for good.
According to the Irish The Guardian, a drug dealer has lost a whole fortune in bitcoins worth £46 million. Clifton Collins hid his private keys in a fishing rod case. Most interestingly, the wallet, printed on a piece of A4 paper, has been in an aluminium case since 2017.
Collins was arrested for having marijuana in his car worth around 2000 euros. The court sentenced him to five years in prison. His belongings were thrown in a landfill – including a fishing rod cover. Private keys to a bitcoin fortune were most likely lost forever.
Collins bought about 6000 BTC at the end of 2012, when Bitcoin cost only $5. He then kept them in probably the most expensive fishing suitcase of all time.
The Irish Times was the first to reveal Collins’ story to the world. It is certainly one of those stories that will stay in the pantheon of “biggest bitcoin losses” for a long time. The Times writes that Collins has come to terms with his loss. He considered it “a punishment for his own stupidity” and is convinced that the case is virtually unrecoverable. The garbage from the landfill where Collins’ paper wallet landed is usually burned, often in Germany or China. As a result, the chances of recovering Collins’ private keys are really slim.
Bitcoins that we will never see again
It is assumed that more than 1,500,000 BTCs have been lost forever. However, there is no 100% certainty that these estimates are accurate. Collins’ history is only one of many, although it is probably a case of losing access to one of the largest BTC resources in history.
The fate of Collins’ bitcoins, like many others, therefore seems to be increasing the pile of unrecoverable coins. Does this ultimately make the remaining bitcoins in circulation much more valuable?