British computer expert James Howells, who lost his hard drive containing the private key to an address containing 7,500 bitcoins, has launched legal action to force Newport City Council to allow him to search a landfill where the equipment is believed to be located.
James Howells continues to fight for his bitcoins
James Howells, a British computer expert who accidentally lost access to as much as 7,500 bitcoins (BTC), wants to force Newport City Council to allow him to search a landfill where he believes the missing hard drive is located. He is supported in his effort by a hedge fund that will finance a lawsuit against the local government.
Where did the idea to invest in the search for Howells come from? Investors are to receive part of the lost BTC in return. There is something to share. Let me just remind you: it is 7,500 BTC.
In addition to financing the lawsuit, the hedge fund's investors are also expected to organize a team of specialists to help search for the disk.
Howells had previously tried to reach an agreement with the local government. In September 2023, he offered the city a reward of 25% of the value of the bitcoins that could be recovered. Rejecting this offer was the final straw. And that's where the idea for a lawsuit came from.
BTC value will increase?
The owner of BTC claims that the stakes of his fight are increasing. He believes that the value of the cryptocurrencies he is looking for will exceed one billion dollars.
Some experts believe that the price will increase to $250,000 per coin by the end of the year. This would mean my hard drive would be worth £1.5 billion. The local government may be happy to throw it into a landfill, but I'm not. They want me to go away and forget about it, but how could anyone do that? Why should I withdraw? I just want a chance to get my property back
Howells said.
Earlier, Newport City Council rejected an application by a computer expert to carry out specialist excavations at the landfill site, citing the potential negative impact on the environment. According to the most interested person, new technologies allow for effective and safe searches.
