Court Denies Lawsuit for Lost Bitcoin Worth $770M

user avatar

by Giorgi Kostiuk

2 years 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.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Consulting Arrangement Raises Questions About Tether and Bo Hines

A reported $63 million consulting arrangement between Tether and Nxum, linked to former White House adviser Bo Hines, has sparked concerns over potential conflicts of interest.

user avatarLucas Weissmann

Arbitrum Engages European Financial Institutions on Blockchain Infrastructure

Arbitrum representatives presented the network's infrastructure and revenue model to European financial institutions managing substantial assets, discussing its commercial potential and the value of blockchain services.

user avatarFilippo Romano

Grayscale Partners with Republic to Launch Specialized Crypto Funds

Grayscale and Republic have launched three specialized cryptocurrency funds with a minimum investment of $2,500 for accredited investors, focusing on decentralized finance, artificial intelligence, and blockchain data infrastructure.

user avatarEmily Carter

Deutsche Bank to Launch Institutional Digital Asset Custody Services

Deutsche Bank is set to introduce digital asset custody services for institutional clients in Germany, marking a significant step in integrating cryptocurrencies into mainstream finance.

user avatarTomas Novak

Cryptocurrency Scammer Loses 60 BTC Due to Compromised Hardware Wallets

A cryptocurrency scammer lost approximately 60 BTC, valued at around 48 million, after depositing funds into compromised hardware wallets.

user avatarKaterina Papadopoulou

Solana Accelerate Event in Shanghai Postponed Due to Overcapacity

The Solana Accelerate event in Shanghai was postponed due to exceeding venue capacity.

user avatarMaya Lundqvist

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.