Narcotics Dealer Suffers £45 Million Bitcoin Loss After Hiding Codes In Fishing Rod Case
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A drug dealer in Ireland has managed to lose access to his illegal Bitcoin stash worth £45 million after all of his codes were sent to a landfill, according to reports.
The 49-year-old man had written down his private keys to his digital wallets that contained 6000 Bitcoin onto a sheet of paper. He then hid this sheet in a fishing rod case would you believe! For someone to have managed to accumulate so much, it seems like a very lazy hiding spot don’t you think. Normally people don’t accumulate that sort of money unless they’ve won it through betting, like betting on Baseball for example. Which if you are thinking of betting on baseball then take a look at getting some latest news and tips in first from mikeepsteinhitting.com.
Clifton Collins, the Bitcoin millionaire was arrested towards the end of 2017 and ended up in prison for 5 years due to cannabis related offences. It was his landlord who sent all of his products to a landfill site. His waste was then sent to incinerators in China and Germany. The workers at the landfill did actually come out and say that they saw parts of fishing gear within the rubble. Collins had 12 accounts that his money was spread across and this fortune was accumulated by using cash he had made from selling cannabis.
The wallets that Mr Collins has cannot be opened without his permission. There is no other way of accessing them unless they have the private keys, which are made up of letters and numbers. They have been designed to be really hard to remember, for obvious reasons, so no one who does not have authorized access, can’t access them. Only using this code, can you access the wallets. Otherwise, there is no way to either spend it or transfer it somewhere else.
Bitcoin is incredibly hard to get a hold of as it is unless you know what you are doing. Research from 2017 has shown that almost 4 million bitcoins was lost and can never be accessed again, that is almost 20 percent of the amount of bitcoin that will ever exist.
You would have thought that this would be the biggest bitcoin loss in history, but it turns out that it isn’t! James Howells, who was an IT Specialist managed to get rid of one of his computer hard drives which has 7500 Bitcoin on it. At this time, one bitcoin was worth $20,000! I will let you work out the math on this one. For someone who had lost so much, he seemed alright about it. Well not alright completely but he said in an interview how he isn’t going to sit and cry about it, he is going to move on. It would help if people would stop mentioning it to him but now it is a public story, it seems quite difficult.
Bitcoin value is constantly changing. It has been noticed that it is not worth as much now as it was a few years back, so even if the bitcoins were to ever be found, they would not be worth as much now as they were then.