
A cannabis-growing, beekeeping, gyrocopter-flying Irishman invested his drug money in Bitcoin back in 2011 – and now sits on a fortune worth $400 million. There’s just one small problem: the access codes were tucked inside his fishing rod case, which has mysteriously vanished. Or has it? Because this week, one of his frozen wallets suddenly woke up and moved $35 million – and someone had to identify themselves to do it.
Meanwhile, Ajax Football Club scores a spectacular cyber own-goal, as a data breach that the club claimed affected “a few hundred” fans turns out to may have exposed the personal details of 300,000 supporters – along with the ability to steal match tickets and quietly remove people from the stadium ban list.
All this and more in episode 461 of the “Smashing Security” podcast with cybersecurity expert and keynote speaker Graham Cluley, joined this week by special guest Danny Palmer.
Show full transcript ▼
This transcript was generated automatically, probably contains mistakes, and has not been manually verified.
And so they would not be able to compete.
Now, I know you weren't out there, but as a cybersecurity reporter, you're probably having to churn out a few words regarding that.
But, no, it's really interesting to see what people are talking about in the industry. There's always so many things happening, especially in 2026. It's all go.
Personally, I'm not entirely 100% sure that organizations making this stuff have that in mind. We've seen it so many times over the years.
Remember when IoT was first a big major thing? And then it seemed every day there was, here's your new fancy IoT connected electric toothbrush.
Next day, your IoT connected toothbrush has been hacked.
Because so many companies are going to be trying to embed AI into things and quite often the stuff which they're producing may itself be vibe-coded, so they don't really understand the code that they've written.
And it may have vulnerabilities and flaws which could cause all kinds of problems.
This week on Smashing Security. We won't be talking about how Iranian hackers leaked the personal emails of FBI Director Kash Patel.
You'll hear no discussion of how a new study claims that Windows PCs remain unpatched for longer and crash 3 times more often in enterprise environments compared to Apple Macs.
And we won't even mention how Mann has accused his former wife of stealing $176 million worth of cryptocurrency by using a CCTV camera to record his password.
So Danny, what are you going to be talking about this week?
All this and much more coming up in this episode of Smashing Security. Well, we've got time now to chat about one of the sponsors of this week's show, Action1.
Now then, if you are a systems administrator managing endpoints every day, you've probably postponed patching at least once, not because you forgot, but because you didn't feel like gambling with uptime.
And thanks to Action1 for supporting the show. And also, thank you, Joe, for helping me with the ad.
He's an award-winning beekeeper, no less. His honey won a prize at the 2017 Galway County Show, my research discovered.
I mean, when I heard about this, I looked into what kind of plane or gyrocopter or whatever it was that he— Do you have— Did you ever see that James Bond movie, You Only Live Twice?
This was a real gyrocopter, which they created back in the early '70s or late '60s. And anyway, it looks like this guy, Clifton Collins, he has one of them, but for two people.
So it's just like a tiny little thing which buzzes. I mean, it's fantastic if you like that kind of thing.
And, you know, being an enterprising sort of chap, he didn't just stuff the cash into a building society or under his mattress.
In 2011, Clifton made possibly the wisest financial decision any criminal has ever made because he invested his cash in this brand newfangled thing called bitcoin.
He's going to be above the Woggans. He's going to be above the Graham Nortons, above the guy who owns Ryanair. He's doing jolly well for himself.
And, well, Danny, what would you do if you had 6,000 bitcoins worth $400 million?
You know, even when I was sort of younger, I always made sure I had a bit of money to spend on one of those.
It's like, yeah, maybe if I found out about this bitcoin thing in 2010 and used that back then, I'd be thinking about this problem in reality.
But I think if I had 6,000 bitcoins worth $400 billion, I'd want to store them somewhere very safely in order so they couldn't be nicked.
I'd probably buy myself one or two nice things, right? Maybe a gyrocopter, maybe not.
Well, what Clifton did, and kudos to him for doing this, was he spread the risk around. He created 12 separate wallets and distributed his 6,000 coins evenly across them.
So 500 bitcoins in each. So he was obviously thinking, you know, if I get hacked or if I'm careless, at least I haven't lost everything.
Like the seed phrase. So you can access it. And if you lose the code, you can't access the bitcoin. It would mean it's gone forever, you know. Oh, that'd be galling, wouldn't it?
Losing $400 million forever. I mean, it would hurt. It's going to smart. It's going to smart a little bit. You could have a little bit of a chip on your shoulder.
But I suppose that I've got a very nice bookshelf. I could sort of hide some bits of paper in between some books there, or maybe cut out into a book there. Oh, that's very fancy.
And he folded it up very neatly, nice and small, and he tucked it inside the aluminium cap of his fishing rod case. Did I mention he was also into fishing?
And they used to hide notes inside pencils.
They used to basically hollow out the pencils and get paper that was so thin it could be rolled up and shoved in there.
What he likes to do at the end of a long week is reach for his fishing rod. And maybe there's a lesson for all of us there.
And in the middle of nowhere, the police stop his car. They think he's acting suspiciously. It's like, why are you out in the middle of nowhere at half past 3?
Over 500 cannabis plants worth £330,000. So the question is, Danny, what do the police do about that bitcoin fortune?
Can you not just go and chill out and go fishing? What more do you need?
But what they can't do is they can't unlock them because the codes, as Clifton explained to them, he says, well, I've put it in my fishing rod case.
And he says the fishing rod case has vanished.
5 years ago, we talked about this and the police couldn't get hold of this fishing rod case.
And his story was that shortly after his arrest, someone broke into his home and various things got stolen from his house, including his fishing tackle.
I'm going to go over there and have a look myself.
It's not just this burglary story, because also apparently, according to Clifton Collins, when this guy was sent to prison, his landlord thought, what am I going to do with all the remaining belongings lying around in the house?
And so he took them down to the dump in County Galway.
My second question is, if we had that much money lying around, why are you spending it on rent when you could— you wouldn't even need a mortgage.
You could go over with your briefcase and hand it over.
But I'm imagining that if I wanted somewhere fairly palatial and luxurious, which would cost me a lot to buy, I would have to go through various money laundering tests to make sure, where have you got that money from, Cluley?
Whereas if I have a landlord and it's, here's some cash, mate, I'll stay here another month.
Anyway, apparently the landlord has taken all this stuff to the dump. Now, there is a famous story about this guy. I think he threw out a hard drive or something.
Do you remember this?
Anyway, it's a different story from that.
But the problem is that unlike that dump in Newport, with this particular waste disposal place, it isn't just sitting around waiting to be sifted through by detectives.
Their waste gets shipped to Germany or China to be incinerated.
So I think he might be telling some porky pies, maybe.
The bitcoin sat there frozen. Nobody could get near. And for years and years, that was the story. And as I said, we did talk about this five years ago in the podcast.
And it's a cautionary tale, really, of how lost codes, incinerated ashes, $400 million go whoompf because of a fishing rod which has been burgled, an overly tidy landlord, and that's the end of the story, really, Danny.
And it's moved into something called a Coinbase custody address. Do you know what a Coinbase custody address is?
So if you've got a serious amount of cryptocurrency, if you're a government or a hedge fund or a serious financial player, this is a sort of high security vault where you would put it.
So it's not where you put your bitcoin if you're trying to quietly disappear to a South American beach or something.
So it's regulated, it's auditable, and you can't deposit $35 million worth into one anonymously.
There's going to be a paper trail, which means either someone in Germany or China who was running the incineration took a shine to the fishing rod and think, I'll keep that, and has just discovered this.
Or something rather more interesting is going on. So, I think there's a couple of theories about what has happened here.
And yes, it turns out the Irish police have confirmed this week that they have seized around about €30 million worth of cryptocurrency.
They specifically mentioned 500 bitcoins, which you remember was the amount which he was keeping in each wallet. And if that's what's happened, it's a good result for the cops.
Now, they haven't said in what case it is related to, so we don't know it's related to this, but it's a possibility.
He's out of prison.
Maybe he sat in his cell and thought, you know, 'If I tell them it's all gone to the dump or it's all been lost, they'll stop looking.' And some people are speculating about that.
I don't know if it's true, but—
What if someone knew because they were told or because they worked it out that there could be those secret codes hidden in that fishing rod case worth $400 million?
We don't know what to believe, but it's fascinating. If nothing else, I now know, Danny, to raid your classic comic collection.
Okey dokey, a little bit of time now to talk about Meter, who are one of our sponsors this week.
It basically becomes a second job, doesn't it?
There's even a hardware buyback program if you've already got kit from another vendor.
So, later this year, me and some friends are going to the, we're all turning 40 this year.
And we're going to be celebrating by a trip to the Dutch Grand Prix and a long weekend in Amsterdam.
Partially because nice weekend away, partially because I don't ask me how the economy works, but spending an entire weekend in the Netherlands is cheaper than going to Silverstone for one day.
So I've been researching, you know, what the cultural tourism of Amsterdam could be. I mean, Graham, do you have any suggestions? But not that one, because I'm asthmatic.
So I can't do that anyway.
I mean, I'm hoping that would be some sort of Willy Wonka type thing going on there. If it isn't, I would be disappointed.
But there's also one of the major tourist attractions of the cultural side is a tour of the Johan Cruyff Arena, which is the home of the Ajax football club, which is the most successful football team in the Netherlands.
And indeed, this is one of the most successful teams in the history of European football. They've won many European Cups.
They've scored something of a cyber own goal, if you will, because this week it was revealed that the club was hacked.
The statement continues saying, for now, we know that access was gained to part of our systems, but we have no indication that this data has been spread, which as a cybersecurity reporter, I see a lot of press releases from companies which have suffered incidents and that's some good corporate speak.
I will praise them in this case, they're actually talking about it because I won't name names, but there are companies which have been hacked in the past.
Everyone knows they've been hacked, but they've never actually gone on record saying, yeah, this is the thing which has happened.
Anyway, the statement makes it sound that while the club did suffer a data breach and the impact was small, just the personal details of a few hundred fans potentially accessed.
They could potentially be at risk, but things could have been much worse.
But however, there seems to be a bit of debate as to what the person who intruded on this was able to access, because according to reports by Dutch publication RTL Nieuws, the incident might have exposed the personal details of 300,000 registered Ajax supporters, which is, well, that's a very large number.
That's several times over the capacity of the stadium for a start. But that's a lot of people.
It's a little bit they invested their few hundred fans in Bitcoin, waited 10 years, and now it's come out as 300,000 supporters of Ajax have been affected.
The source of this figure, well, RTL said it was approached by someone who is described in the report as an ethical hacker.
It's not quite clear if this is the person who accessed the thing initially and it's just a bug bounty gone wrong, or if this is just someone showing that this is what the hacker could do.
But anyway, this person has demonstrated that not only could an attacker see details of over 300,000 Ajax fans, he was also able to access ticket transfers.
Basically, people download the Ajax app because that's how people get their tickets these days, you know, for major events.
So anyone who accesses this data, the ability to steal match tickets, you know, I guess take them and transfer them and sell them on, could even do this with season tickets.
Because if that vulnerability had existed there, you wouldn't have to be schlepping off to Amsterdam.
The vulnerability would also allow an attacker to see and alter information about 500 people who've been banned from attending Ajax matches.
Yes, football hooliganism and all of that which entails.
So if a ban was removed, they'd be allowed back into the stadium, stadium with the risk of, you know, but on the flip side of this, there's also been the suggestion that the access to this information about stadium bans could potentially be used against those people who've been banned, which is an interesting way of thinking about this, I think.
Potential employers are unlikely to hire someone with a stadium ban, especially for certain jobs.
Could you not add to the list of banned people who aren't allowed to the stadium the strikers for Ajax? Or the manager or coach? And so they would not be allowed on the premises.
And so they wouldn't be able to compete.
I have seen instances in Formula 1 where drivers haven't been allowed into the paddock, so they haven't had their pass, and the person on the gate's gone, "Sorry, sorry, mate, you're not coming in." But that is a very cunning, sneaky plan.
This vulnerability has now already been patched, which is a good thing.
So it's the idea that, you know, if someone had managed to gain access to this data beforehand, they could still have that data available.
Even if they can't swap around fan tickets and things, if someone had access, they've still got information on hundreds of thousands of people, which, you know, there's all sorts of—
In a statement, they've said about the incident, "We immediately launched an investigation and with the help of external experts," which I presume are cybersecurity incident responders, "into the cause and scope of the incident.
We have patched the identified vulnerabilities and strengthened our security further." They have also notified the Dutch Data Protection Authority and filed a police report.
Anyway, I don't know how it is for you, Graham, but almost any event you go to involves downloading a bespoke application these days.
All involve having to download an app to show the tickets. So incidents like this showcase how these apps make tempting targets for cyber attackers.
So we just have to hope that all these venues and organizations have properly invested in security of these services. Well, we'll see, we'll see how that goes.
But in the meantime, if I do end up going on a tour of the Ajax Stadium, I hope paying with cash for a paper ticket is an option, just in case.
And the whole thing involves chasing down evidence, filling in questionnaires and forms, updating the same spreadsheet cells over and over again.
So no more staring at the ceiling at 2 AM wondering whether you've got the right controls in place or whether one of your suppliers has been breached.
But this Vanta solution uses AI as well, and it's the useful kind, flagging risks, collecting evidence, slotting into the tools your team already uses, so you move faster, scale without the headaches, and perhaps actually get some sleep.
Go to vanta.com/smashing to find out more.
Could be a funny story, a book that they've read, a TV show, movie, a record, a podcast, a website, or an app, whatever they wish.
It doesn't have to be security related necessarily. Well, my Pick of the Week this week is not security related.
My Pick of the Week this week is a TV program which I've just started watching. I'm a few episodes in. And I can already tell you that I'm enjoying it.
It's been written and directed by Mackenzie Crook, who you may remember was a modern-day Wurzel Gummidge and was in The Detectorists and I love The Detectorists.
Yeah, most famously, I think he was Gareth in The Office, wasn't he?
So, the premise of this show is a rather lost middle-aged man is given a recipe by his elderly dad for how to grow homunculi, which are, of course, that's the plural for homunculus, which are miniature humans who you can ask any question of and they have to tell you the truth.
The police dug up his garden. Everything's gone a bit to seed. He now just sort of hangs out in his shed, and he's a bit lost.
He's got a job at a DIY superstore, but he decides that he's going to use the abilities of these things.
He's going to conjure them up to ask them if he will ever be reunited with her again.
They take an unhealthy interest in what he's getting up to in his shed.
But it is gentle and lovely, and I think it's rather touching. I think it's very well done.
And so, my pick of the week this week is Small Profits on the BBC, and I will put a link to the iPlayer in the show notes.
I always say I'm going to watch this, then I never get around to it, and I've just put on old episodes of The Simpsons or Red Dwarf or something again instead.
Anyway, yes, Small Profits, well worth a watch. Danny, what's your pick of the week?
Back in the '90s when I was a teenager, I was doing things such as, you know, playing Warhammer.
But I've played Warhammer. I played RPGs, read fantasy novels, movies, that sort of thing. But somehow I've reached sort of my age and never played Dungeons and Dragons.
I found out about a place in South London.
So I managed to rope in a friend to come on the sort of starter session with me.
I mean, okay, for someone like me, you know, others around the table at this beginner session, a lot of us had the same knowledge of Dungeons and Dragons, which is that most of us have played Baldur's Gate 3, the recent RPG which came out just set in that world.
So we learned a bit of how to play. We were handed sort of pre-done characters for this session. I played a rogue, I think I turned out.
Then we had a practice session that had to use our imaginations to sort of go through this session. There was some combat, lots of fun.
A few weeks later, my friends and I went back again to this thing. And we did what I believe we call rolling our own characters. So I've somehow now playing as a wood elf ranger.
And so we went through a little session with playing again with our characters. It was really fun. And I will be going back again. It was very enjoyable.
And it's going into this world. It was really interesting. So I suppose there is something of a stereotype around people who play Dungeons and Dragons.
I believe the television program Stranger Things has meant it's had a bit of a renaissance recently, but the bar itself was really nice, very welcoming.
And we're putting a link in the show notes to your particular, will this be your particular one or is this a franchise operation?
Is there a danger people will actually bump into you, Danny, and your wood elf?
There's a few different brands around London, this sort of thing. But I just think it's really nice where there's the people can go and do these things.
So yeah, it's a very, very nerdy pick of the week, but it's on brand. And yeah, it gets me out the house, which is nice.
I'm sure lots of our listeners would love to find out what you're up to and follow you online. What's the best way for folks to do that?
There's quite a big conference the website does. I believe you're familiar with it, Graham.
Well, I believe by looking at the website, you'll be hosting one of the channels on it this year.
And don't forget to ensure you never miss another episode.
Follow Smashing Security in your favorite podcast apps such as Apple Podcasts, Spotify, and Pocket Casts for episode show notes, sponsorship info, guest lists, and the entire back catalog of over 460 episodes.
Check out smashingsecurity.com. Until next time, cheerio, bye-bye.
And also to the following folks: Scotia, not a full name, not quite a country. We respect the mystery. Sean, just Sean.
Actually, no, somehow they have a trailing space in the database. So clearly they don't like to sit too close to anyone else. Jamie Forster. Jonathan Haddock.
Yes, a man actually named after a fish. Very cool. Ask Leo. That isn't a patron's name. That's an order. Ask Leo. Leo, ask him what. We may never know, but Leo clearly has the answers.
Rich, is he? We like to think so. Just Nate, please. Just Nate, please. That's all he's asking. Just let him be Nate. Mark Luxton, perfectly solid name.
I can't think what to say about him. Expect he's still unraveling the Christmas tree lights. MJ Lee, initials only. Professional enigmatic. Critic. Could be anyone.
Could be a journalist. Could be a spy. Could be a member of a K-pop group, for all I know.
And Mayor McDonald, who, before you ask, can't help you with the Wi-Fi at your local branch of McDonald's.
Those are just a few members of Smashing Security Plus, which means they get episodes ad-free, earlier than the general public, and can have their names pulled out at random to be mocked at the end of an episode.
If you'd like to join Smashing Security Plus, just head over to smashingsecurity.com/plus for all of the details.
You can become a patron, but you can also support the show in plenty of ways that don't cost a penny. You can like and subscribe. You can leave a 5-star review.
Please do wherever you listen. Tell your friends about the show. Simply spread the word. Every little bit helps, and it really makes all of the effort worthwhile.
And so thank you to all of you for listening, and I hope you'll tune in to our next episode. Until then, cheerio, bye-bye.
Host:
Graham Cluley:
Guest:
Danny Palmer:
Episode links:
- Iran-linked hackers breach FBI director’s personal email, publish photos and documents – Reuters.
- Windows PCs crash three times as often as Macs, report says – TechSpot.
- Wife used CCTV to steal $176M of husband’s crypto, UK court told – Coin Telegraph.
- Gardaí open €30m bitcoin virtual wallet, first of 12 accessed since seizure in 2019 – Irish Times.
- Irish Drug Dealer’s Lost BTC Stack Worth $400m Has Woken Up – Arkham.
- Ajax FC data breach exposes 300,000 fans, hacker steals tickets an stadium ban details – Cybernews.
- Small Prophets – BBC iPlayer.
- RPG Taverns – Dungeons and Dragons tavern in London.
- Smashing Security merchandise (t-shirts, mugs, stickers and stuff)
Sponsored by:
- Action1 – Keep your systems safe (and your sanity intact) with the patch management platform that just works. The best part? Your first 200 endpoints are free, forever, with no functional limits.
- Meter – Network infrastructure for the enterprise. Get a free personalised demo.
- Vanta – Expand the scope of your security program with market-leading compliance automation… while saving time and money. Smashing Security listeners get $1000 off!
Support the show:
You can help the podcast by telling your friends and colleagues about “Smashing Security”, and leaving us a review on Apple Podcasts or Podchaser.
Join Smashing Security PLUS for ad-free episodes and our early-release feed!
Follow us:
Follow the show on Bluesky, or join us on the Smashing Security subreddit, or visit our website for more episodes.
Thanks:
Theme tune: “Vinyl Memories” by Mikael Manvelyan.
Assorted sound effects: AudioBlocks.
