British IT engineer James Howells has filed a $647 million lawsuit against Newport City Council after accidentally throwing away a hard drive containing 8,000 Bitcoin
At the time, the Bitcoin stored on the drive was worth about $1.3 million; however, the value of Bitcoin has skyrocketed since then, with the lost stash now valued at nearly $514 million.
Howells has been trying to recover the lost drive for over a decade. WalesOnline reported the real aim of the lawsuit is to pressure the council into allowing a landfill search to avoid a drawn-out court battle.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
Crypto Day Trading VS Swapping: What’s More Rewarding? (Animated)
Howells has proposed an $11 million plan to safely excavate the drive, assuring the council that the initiative wouldn’t cost them anything. He even offered to give the council 10% of the Bitcoin’s value if they agreed, but the council has rejected every offer.
The council keeps denying the landfill search due to doubts about both the practicality and legality of the plan. Additionally, there are environmental risks like the possible release of hazardous materials, such as asbestos and methane.
A court hearing is scheduled for December, where the case will be thoroughly reviewed, and Howells will present his arguments in hopes of finally recovering the lost Bitcoin.
In other news, users lost over $70,000 in crypto to a wallet drainer app disguised as WalletConnect.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
