A Newport resident’s unfortunate disposal of a hard drive containing 8,000 Bitcoin (BTC) has taken a legal turn, as the investor looks to file a lawsuit against the city’s local council. The individual had been attempting to gain access to a landfill site in hopes of recovering the lost cryptocurrency treasure. However, the council has repeatedly refused his requests, citing concerns for the environment. This article delves into the details of the investor’s quest, the council’s position, and the potential consequences of legal action.
James Howells, the Newport resident in question, has tirelessly pursued the excavation of his lost Bitcoin for the past ten years. Faced with the council’s reluctance to engage in dialogue, Howells has reluctantly opted for legal action. In an open letter addressed to the city council, he demanded permission to commence the excavation process by a specific deadline. Expressing his frustration, Howells stated, “There’s $500m sitting in the ground and they won’t even have a serious conversation about it. It doesn’t matter what that item is, whether it is Bitcoin, gold, or diamonds, to not even have the conversation is idiotic.”
The story began in 2013 when Howells mistakenly discarded a hard drive containing 8,000 BTC during a cleanup activity. Realizing the magnitude of his error, he has devoted considerable efforts to locating his digital fortune, believed to be buried deep within a landfill site. However, the Newport City Council has consistently denied his requests, citing potential harm to the environment. In 2022, Howells proposed an $11 million search, encompassing a three-year timeframe and utilizing artificial intelligence (AI) machinery, robot dogs, and human labor. As an incentive, he pledged to distribute 60% of the recovered BTC amongst those who contributed to the excavation mission, while keeping 30% for himself. Moreover, Howells planned to distribute $60 worth of Bitcoin to every Newport resident.
At its peak in November 2021, the lost Bitcoin stash was valued at over $550 million. Presently, it stands at approximately $205 million. Nevertheless, Howells intends to sue for damages worth $557 million (£446 million) – the value of the lost Bitcoin at its peak price. The investor also threatens to bankrupt the city council through legal action. In addition, Howells seeks a judicial review of the council’s decision to deny him access to the landfill site for the past decade.
The Newport City Council remains resolute in its position a decade after the incident. The council’s spokesperson reiterated that excavation is not feasible under their environmental permit. In order to focus on delivering services to the residents of Newport, the council will refrain from making further comments on the matter.
James Howells’ journey to recover his lost Bitcoin has encountered numerous obstacles, ultimately leading him to pursue legal action against the Newport City Council. As this legal battle unfolds, the fate of the $205 million crypto treasure hangs in the balance.