2023-09-10 10:34:51
Do you want money? Go dig!” – Welsh investor and his unusual way of returning wealth
A local investor is ready to bankrupt the city for the sake of his lost bitcoins.
A Welsh investor who accidentally lost 8,000 bitcoins when he tossed his hard drive and wallet into the trash a decade ago is now threatening to sue the local council that controls the landfill where the drive ended up. His claims could reach $557 million.
Newport City Council (NCC) has repeatedly denied James Howells permission to dig through a landfill in search of his bitcoins. However, how Telegraph reports Howells is preparing to sue the council in an attempt to stop any work at the landfill.
The alleged claim seeks £446 million ($557 million) in compensation, which is the maximum recorded value of the bitcoins he lost. With the claim, Howells is threatening to bankrupt the NCC, saying the recently declared bankrupt Birmingham City Council “will not be the only Labor-led council to go bust this year”.
In an open letter to the council dated September 4, Howells demanded permission to begin excavation at the landfill by September 18, as well as a legal review of the legality of the council’s decisions throughout the Bitcoin incident.
James lost BTC in 2013 after cleaning out his old office and throwing away his Bitcoin wallet. 8,000 Bitcoins were valued at £446 million at one time and around £166 million ($207 million) today.
The council has persistently denied Howells the opportunity to recover the lost bitcoins for 10 years, arguing that they “cannot be in our landfill.”
A council spokesman said excavation was “not possible under our environmental permit” and that such work would have a huge negative impact on the surrounding area.
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