According to Dyfed-Powys Police, around 30 bags of the class A drug were found by a dog walker on a beach south of Aberystwyth, tied to makeshift buoys.
According to POWYS County Times on October 2, 2022, a police spokesman said that investigations into how the drugs came to the beach were ongoing and no arrests were made.
They added: "Dyfed-Powys Police is investigating the discovery of a significant quantity of what is thought to be cocaine, spotted along the Ceredigion coast this weekend.
“Enquiries are being undertaken to establish how such an unusually large amount of the controlled drug came to wash up on the Welsh shore, following recent storms.
“The precise quantity is still being established and at this time no one has been arrested in relation to this matter.”
According to more reports, residents also saw a small plane circling the bay while officers headed to the scene.
The dog walker, a man in his 30s, told the The Mail on Sunday, that police removed the drugs immediately.
The Mail added that if the packages were full of cocaine, then the expected haul is worth around £90 million.