500 BTC Moves From Arkham-Tagged Collins Wallet to Coinbase Prime Address
A Bitcoin wallet that had been inactive for more than a decade sent 500 BTC to an address Lookonchain tagged as associated with Coinbase Prime on October 20, 2026. Arkham Intelligence labels the sending wallet as linked to Irish cannabis cultivator Clifton Collins. The transfer does not show who initiated it or what happened to the coins afterward.
- 500 BTC moved on October 20. Reports put its value at roughly $41.5 million, though the figures differ.
- Lookonchain tagged the destination as associated with Coinbase Prime. Coinbase has not confirmed the link.
- Irish authorities have reportedly recovered 1, 500 BTC in three separate 500 BTC tranches.
- Two other reported 500 BTC transfers went to Coinbase Prime in 2026. Their status and purpose remain unclear.
What happened to the 500 BTC?
The latest transfer took place on October 20, 2026. The Bitcoin Foundation reported that Lookonchain tagged the receiving address as associated with Coinbase Prime. Arkham labels the sending wallet as linked to Collins. These are analytics-provider attributions, not public confirmation from Coinbase, Collins, or Irish authorities.
The wallet had reportedly gone more than ten years without a transaction. That makes the movement notable, but “dormant” only means there was no visible on-chain activity. It does not prove the coins were abandoned or that nobody could access the keys.
Reports give different dollar values for the transfer. The Bitcoin Foundation put it at $41.52 million, while citing a CoinGecko price of $82, 520 per bitcoin at 20:08 UTC on October 20. At that price, 500 BTC would be worth $41.26 million. The reports do not explain the discrepancy, so about $41.5 million is best treated as an estimate, not an exact figure.
A Coinbase Prime tag does not show that the bitcoin was sold. Institutional services can handle trading and custody. An exchange-associated address alone cannot tell us whether the funds were sold, held, or moved for another reason.
Separating reported recoveries from transfers
The Block reported that Ireland’s Criminal Assets Bureau (CAB) recovered three 500 BTC tranches in March, May, and July 2026, for a total of 1, 500 BTC. Its reporting also described assistance from Europol’s European Cybercrime Center. For the July operation, Europol reportedly provided technical expertise and decryption resources. Available reports do not explain exactly how officials accessed each wallet.
Two more 500 BTC movements to addresses tagged as associated with Coinbase Prime were reported: one on August 28 and the October 20 transfer. That brings the reported total of Collins-linked movements to 2, 500 BTC across five tranches. But the distinction matters: authorities reportedly recovered 1, 500 BTC, while the outcome of the other 1, 000 BTC remains unknown.
After the July recovery, The Block reported that about 4, 500 BTC remained in Arkham-tagged wallets. That was a snapshot at the time, not a confirmed current balance. The later transfers do not show whether the coins left the wider pool of Collins-linked holdings, who controls them now, or how much remains accessible.
The reported lost-key backstory
Published accounts say Collins accumulated roughly 6, 000 BTC through cannabis cultivation in late 2011 and early 2012, when bitcoin traded for a few dollars. The reported holdings were split among 12 wallets, each containing 500 BTC.
The wallets’ keys, the credentials needed to spend the bitcoin, were reportedly printed on paper and hidden inside the aluminum cap of a fishing-rod case at a rented property in County Galway. Collins was arrested in 2017 and later served five years in prison. While he was incarcerated, the property was cleared and the case containing the keys was reportedly discarded. Accounts differ on the details, so this remains reported background, not a fully established explanation of how the keys were lost.
In March 2026, the CAB announced that it had accessed a previously inaccessible 500 BTC wallet with help from Europol’s European Cybercrime Center, according to subsequent reporting. The Block later reported further 500 BTC recoveries in May and July, bringing the reported total recovered by Irish authorities to 1, 500 BTC.
Key questions about the 500 BTC transfer
-
How much bitcoin moved?
500 BTC moved on October 20, 2026. Reports estimated its value at about $41.5 million, though the figures vary with the price snapshot.
-
Where did it go?
Lookonchain tagged the receiving address as associated with Coinbase Prime. Coinbase has not confirmed the link.
-
Does the transfer prove a sale?
No. Available information does not show whether the coins were sold, held in custody, or moved for another reason.
-
How much bitcoin have Irish authorities reportedly recovered?
The CAB reportedly recovered 1, 500 BTC in three 500 BTC tranches in March, May, and July 2026.
-
How much remains?
The Block reported about 4, 500 BTC in Arkham-tagged wallets after the July recovery. The current balance, accessibility, and control of the coins are unknown.
The confirmed on-chain event is a 500 BTC transfer to an address tagged as associated with Coinbase Prime. Who initiated it, who controls the funds now, and whether any of them were sold remain unanswered. Arkham’s analysis of the fifth 500 BTC transfer also documents the movement, not proof of a sale.