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Court Denies Lawsuit for Lost Bitcoin Worth $770M

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by Giorgi Kostiuk

a year ago

A UK court ruled against James Howells, who sought to retrieve a hard drive with 8,000 Bitcoin discarded in a Newport landfill.

James Howells' Case

James Howells, a Welsh IT engineer, lost a hard drive in 2013 when it was accidentally thrown away by his partner. The Bitcoin, mined in 2009, had increased significantly in value. Howells' attempts to reclaim the drive through the courts failed due to high costs and environmental risks.

Proposal to Newport City Council

Howells repeatedly proposed to the Newport City Council to excavate the landfill, offering to bear the costs and share 25% of the Bitcoin. However, the council rejected his proposals citing financial and environmental concerns.

Historical Examples of Bitcoin Loss

This case is reminiscent of Bitcoin Pizza Day. In 2012, programmer Laszlo Hanyecz made the first real-world Bitcoin transaction by purchasing two pizzas for 10,000 BTC, which was worth $41 then. Today, that amount would be worth over $700 million.

The court's decision marks the end of Howells' efforts to reclaim his cryptocurrency, highlighting the risks associated with digital asset storage.

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