£1 Billion Lawsuit to Recover £275 Million Worth of Bitcoin
A British engineer, James Howells, is taking the Newport City Council to court for £1 billion, hoping to recover his lost Bitcoin hard drive containing 7,500 BTC. Howells believes the hard drive was accidentally thrown away during an office clearout in 2014.
Council’s Refusal to Cooperate
Despite Howells’ efforts to negotiate with the council, they have refused to help him recover his funds. Howells has offered to share the lost Bitcoin with the council if they help him find the hard drive, but they have not budged.
Legal Action and Negotiation
Howells has hired a legal team to pursue the case. The lawyers have written a letter of demand to the council, requesting permission to search the landfill where the hard drive was dumped. Howells hopes that the lawsuit will get the council’s attention and bring them to the negotiation table to avoid bankruptcy.
Even if Howells is successful in his lawsuit, the search for the hard drive will be challenging. It could take up to a year, even with X-ray scanning machines and AI technology. However, Howells has an idea of where to look, as he has studied aerial photographs of the landfill.
Howells’ case highlights the importance of securely storing digital assets. It also raises questions about the legal and ethical responsibilities of local authorities in cases like this. The outcome of the lawsuit will be closely watched by the cryptocurrency community and could have implications for future cases involving lost digital assets.