Bitcoin Investor Who Mistakenly Threw Away 8,000 BTC Plans to Sue Local Council

A Bitcoin investor who accidentally disposed of 8,000 BTC is taking legal action against a local council. In a bid to seek compensation for the loss, the investor plans to sue the council, suggesting negligence on their part. This incident serves as a cautionary tale highlighting the importance of secure storage and responsible management of digital assets.

Newport Resident Seeks Legal Action to Recover Lost Bitcoin Stash

A Newport resident is planning to file a lawsuit against the city’s local council for denying his request to dig up a landfill site in search of a hard drive containing 8,000 Bitcoin (BTC) that he accidentally disposed of. Despite his decade-long efforts, the local authorities argue that excavating the area could harm the environment.

Legal Measures to Retrieve Lost Bitcoin Stash

James Howells, the investor who lost his Bitcoin treasure, has turned to the legal route after the Newport City Council repeatedly rejected his requests to access the landfill site, as reported by The Telegraph. Howells has expressed his frustration with the council’s lack of willingness to engage in a conversation about the matter, forcing him to seek legal action.

“I’ve tried everything I can for 10 years, they didn’t want to play ball, so now we have to go down the legal route. 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.”

In 2013, Howells accidentally discarded a hard drive containing 8,000 BTC, which he had mined back in 2009 during a cleanup activity. Since then, he has been determined to retrieve his lost Bitcoin stash, believing it is buried deep in the 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 operation to the council, which would involve the use of artificial intelligence (AI) machinery, robot dogs, and human labor. He even offered to distribute 60% of the recovered BTC to those who helped in the excavation and give every Newport resident $60 worth of Bitcoin, while keeping 30% for himself.

Newport City Council Unyielding to Howells’ Request

At its peak price, Howells’ Bitcoin stash was valued at over $550 million. Now, it is estimated to be worth around $205 million. The lawsuit that Howells plans to file will seek damages worth $557 million (£446 million), matching the value of the lost Bitcoin during its peak price. He also intends to request a judicial review of the council’s decision to deny him access to the landfill site for the past decade.

Despite Howells’ persistence, the Newport City Council has maintained its position, stating that an excavation is not possible under its environmental permit. The council spokesperson added that further comments on the matter would only divert resources from delivering services to Newport residents.

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The Newport City Council is facing legal action from a resident who accidentally disposed of a hard drive containing 8,000 Bitcoin (BTC). The investor, James Howells, has been trying to recover his lost Bitcoin stash for the past 10 years but has been met with resistance from the authorities. While Howells believes his cryptocurrency is buried deep in a landfill site, the council argues that excavating the area would pose environmental risks.

In an attempt to resolve the issue, Howells has decided to take legal measures. He has expressed his frustration with the council’s refusal to engage in a conversation about the matter, forcing him to pursue a lawsuit. Howells emphasizes the substantial value of his lost Bitcoin, stating that there is $500 million worth of cryptocurrency lying underground. He believes it is essential for the council to address this issue seriously, regardless of whether the item is Bitcoin, gold, or diamonds.

The incident occurred in 2013 when Howells inadvertently threw away a hard drive containing 8,000 BTC. Since then, he has been relentless in his pursuit to retrieve the lost cryptocurrency. However, the Newport City Council has consistently rejected his requests, citing concerns about potential harm to the environment.

In an effort to convince the council, Howells proposed an $11 million search operation in 2022. The plan involved utilizing artificial intelligence (AI) machinery, robot dogs, and human labor. To incentivize participation, he offered to distribute 60% of the recovered BTC to those involved in the excavation and provide each Newport resident with $60 worth of Bitcoin, while reserving 30% for himself.

Despite the significant financial value at stake, the Newport City Council remains steadfast in its decision. They argue that an excavation cannot be permitted under the current environmental regulations. According to a council spokesperson, they will not be providing further comments on the matter to focus on delivering services to the residents of Newport.

Howells plans to seek damages worth $557 million (£446 million) in his lawsuit, representing the value of the lost Bitcoin at its peak price. He also intends to request a judicial review of the council’s decision to prevent him from accessing the landfill site for the past decade.

In conclusion, the case of the lost Bitcoin stash in Newport highlights the challenges faced by individuals seeking to recover their digital assets. James Howells’ persistence in pursuing legal action against the local council demonstrates the significant value and importance attached to cryptocurrencies. This case could potentially set a precedent for similar situations in the future, where individuals seek legal recourse in their pursuit of lost or inaccessible digital assets.

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