FameEX Hot Topics | Irish Criminal Assets Bureau Unable to Sell $378 Million in Seized Bitcoin

In 2019, the Irish Criminal Assets Bureau (CAB) seized a batch of Bitcoins stored in 12 wallets. However, the CAB was unable to obtain the necessary wallet keys from the criminals involved. As a result, the agency has been unable to access or sell these Bitcoins, even after several years.

The CAB reported that the Bitcoins were confiscated from a drug dealer in 2019, who claimed the seed phrases for the wallets were lost during a burglary. In 2020, the Irish High Court declared these Bitcoins to be assets from criminal activities and officially ordered their confiscation. At the time, the Bitcoins were valued at around $56 million.

Despite efforts to retrieve the Bitcoins, including freezing orders to prevent their transfer, the CAB has been unsuccessful. Over the past four years, the value of Bitcoin has surged from $9,000 to over $62,000, increasing the total value of the seized Bitcoins to approximately $378 million, according to a report by *The Irish Times*.

Bitcoin seized from criminal activities has often been a major source of selling pressure in the cryptocurrency market. Earlier this year, the German government's sale of $2.9 billion worth of seized Bitcoin triggered a significant panic sell-off. Similarly, the United States is preparing to sell $4.4 billion worth of Bitcoin confiscated from the Silk Road case.

Market statistics show that various governments hold substantial amounts of cryptocurrency assets. The potential sale of these tokens by authorities remains one of the key factors that could influence downward trends in the crypto market in the future.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.