In a desperate bid to recover a fortune in lost cryptocurrency, a Welsh man has taken legal action against his local council, seeking damages of £495 million ($644 million) for denying him access to search a landfill for a discarded hard drive containing 8,000 Bitcoin.
James Howells, a 39-year-old resident of Newport, Wales, has been locked in a decade-long struggle with the Newport City Council since 2013, when he accidentally threw away a hard drive containing what would now be worth over half a billion dollars in Bitcoin. Despite numerous attempts to gain permission to search the Docksway landfill, Howells has consistently been rebuffed by local authorities.
The lawsuit, set to be heard in court this December, represents a last-ditch effort by Howells to force the council's hand. He claims the legal action is necessary because they won't give me back my bin bag, referring to the trash bag containing the valuable hard drive.
Key points of the case include:
- The lost Bitcoin's current value is estimated at £414 million ($538 million).
- Howells is seeking £495 million ($644 million) in damages, reflecting Bitcoin's peak valuation from earlier this year.
- He has offered the council a 10% share of any recovered funds, potentially worth £41 million ($58 million).
- A proposed £10 million ($13 million) excavation project, backed by a team of investors, would take 18-36 months to complete.
- The recovery team believes there's an 80% chance the hard drive data is still retrievable.
However, the Newport City Council remains firm in its stance, citing environmental concerns and permit restrictions. A council spokesperson described Howells' claim as fundamentally weak and stated they are vigorously resisting the legal action.
The case raises intriguing questions about property rights, environmental regulations, and the responsibilities of local governments in unique situations involving digital assets. As cryptocurrency values continue to fluctuate, similar cases may emerge, challenging traditional notions of ownership and municipal obligations.
For now, Howells' lost Bitcoin remains buried beneath layers of trash, serving as a cautionary tale for cryptocurrency enthusiasts and a potential windfall for lucky landfill operators.