IT Engineer Sues Newport City Council for Lost Bitcoin Worth $647 Million

James Howells' Lost Bitcoin Fortune

James Howells, an IT engineer based in Newport, is seeking damages from Newport City Council in the United Kingdom to the tune of 495 million British pounds (approximately $647 million). This comes after he unintentionally threw away a hard drive containing 8,000 Bitcoin. According to WalesOnline, Howells has made multiple attempts to recover the drive from the local landfill, but the council has consistently denied his requests to dig up the site. The hard drive was mistakenly discarded during a household cleanout in 2013, and the Bitcoin it contains is now worth nearly half a billion pounds.

A Decade-Long Attempt to Recover Lost Bitcoin

For over ten years, Howells has been trying to recover the misplaced hard drive, which he accidentally put in a bin liner that ended up in a recycling center. Back in 2013, the 8,000 BTC on the drive was worth around 1 million pounds (approximately $1.3 million). Howells has now gathered a team of legal professionals to file a court claim, which is scheduled for hearing in December.

City Council's Refusal to Excavate Landfill

Despite Howells' offer to donate 10% of the recovered Bitcoin value to the council if the hard drive is found, Newport City Council has continuously rejected his excavation request, citing environmental concerns. The landfill in question has been flagged for violations of its environmental permit, including high levels of asbestos, arsenic, and methane. The council maintains that digging up the site could damage the surrounding area and asserts that its operation adheres to strict monitoring protocols.

The $11 Million Plan to Recover Lost Bitcoin

In 2022, Howells proposed an $11 million plan to locate and retrieve the lost hard drive, which may be buried under 110,000 tonnes of garbage. The plan is currently in effect and would not cost the council anything. However, Newport City Council remains steadfast in its decision to reject the proposal, questioning the legality and feasibility of Howells' assertions.

How to Keep Bitcoin Safe

To ensure the safety of Bitcoin, it is recommended to securely store hardware wallets, keep private keys offline, and backup recovery phrases in multiple secure locations for added security.

Bottom Line

This case highlights the importance of securely storing digital assets and the potential consequences of losing access to them. It also raises questions about the responsibility of local authorities in such situations. What are your thoughts on this situation? Would you go to such lengths to recover lost digital assets? Share this article with your friends and let us know your thoughts. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.