British Man Who Misplaced 7,500 Bitcoins Takes Legal Action to Search Council Landfill
A British computer expert who accidentally lost a hard drive containing 7,500 bitcoins is filing a lawsuit against the Newport City Council in order to gain permission to search through the landfill where the device is presumed to be buried. Hoping for a substantial increase in the cryptocurrency’s value, the expert asserts that he simply wants the opportunity to retrieve the lost coins.
Support from Hedge Fund Investors
James Howells, the aforementioned computer expert, has received backing from a group of hedge fund investors who are reportedly financing his legal action against Newport City Council. If and when Howells successfully recovers the lost BTC, these investors stand to receive a share of the cryptocurrency. The hedge fund investors have also assembled a team of search specialists and data recovery engineers to assist in the search efforts.
Council’s Resistance and Howells’ Determination
In September 2023, Howells offered a reward amounting to 25% of the value of the lost bitcoins to the council, but they rejected the offer. This, coupled with a decade-long conflict with the council and their refusal to discuss the matter, prompted Howells to pursue legal action. Despite the current value of the hard drive’s BTC being approximately $525 million, Howells believes that its worth will exceed a billion dollars, especially if the price per coin rises to $25,000 by the end of the year.
Environmental Concerns and Council’s Response
Previously, the Newport City Council denied the computer expert’s request to excavate the landfill, citing potential negative environmental impact on the surrounding area. The council has not provided further comment on the issue, emphasizing its commitment to serving the residents of Newport.
Outcome Speculation
The success of Howells’ attempt to recover the lost bitcoins remains uncertain. However, given the high potential worth of the cryptocurrency and the support he has received from hedge fund investors, the stakes are considerable.