Man’s £598m bitcoin could have been lost forever after
a court reportedly blocked recovery. In 2013, James Howells unknowingly
discarded a hard drive that would later hold a fortune worth £598 million in
Bitcoin. Over a decade later, his bid to recover the digital
treasure from a Newport landfill has hit a dead end.
According to the BBC, a High Court judge dismissed his
case, stating there were no reasonable grounds to proceed to trial, leaving
Howells reeling with frustration and accusations of injustice.
The Case for the Lost Bitcoin
Howells, an early Bitcoin miner, discovered in 2013
that his hard drive containing 8,000 Bitcoins had accidentally been thrown
away. Since then, Bitcoin’s value has skyrocketed, making the forgotten wallet
a fortune buried under tons of waste.
Despite his persistent efforts, including forming a
team of experts and offering the local council a share of the proceeds, his
pleas to search the landfill were repeatedly denied.
🇬🇧 JUST IN: UK court has rejected James Howells’ lawsuit seeking permission to excavate a landfill in Newport. Howells had hoped to recover a hard drive containing 7,500 $BTC, which he accidentally discarded in 2013. pic.twitter.com/xKUQtDlNAO
— Cointelegraph (@Cointelegraph) January 9, 2025
During the recent hearing, the council argued that
once the hard drive entered the landfill, it legally became council property.
Additionally, environmental laws prohibited excavation at the site, making
Howells’ quest even more complex.
Judge Keyser KC stated that allowing the case to
proceed to trial would not yield a different outcome. Howells expressed deep disappointment, stating he had
spent 12 years trying to engage the council and felt his efforts had been
ignored.
He also noted his willingness to share the Bitcoin proceeds and
benefit the local community, but his offers went unheeded.
Untouchable Fortune
Bitcoin’s soaring value has turned the hard drive into
a financial enigma. In 2009, Howells reportedly mined the cryptocurrency when
it held little value. Today, the wallet is worth nearly £600 million and could
reach £1 billion by next year.
However, the physical recovery of the hard drive
remains mired in legal and logistical challenges. The council’s lawyer argued
that accepting Howells’ proposal risked the council “playing fast and loose”
with its responsibilities.
With over 1.4 million tonnes of waste at the site,
locating the hard drive would be an arduous task. However, Howells reportedly
claimed to have narrowed the location to an area of 100,000 tonnes, but the
prospect of excavation remains off the table.
This article was written by Jared Kirui at www.financemagnates.com.
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