Brit hunts for lost $768 million bitcoin treasure, seeks to buy garbage dump: BBC

James Howells, a resident of Newport, South Wales, reportedly now wants to buy the landfill where he believes his lost £620 million ($768 million) bitcoin fortune is still buried, despite a UK judge dismissing his case last month. Howells, a computer engineer, believes his former partner mistakenly threw out the hard drive containing a Bitcoin wallet in 2013 and took legal action to access his local landfill or pursue £495 million ($609 million) in compensation from Newport City Council.Judge Andrew John Keyser KC threw out the case on Jan. 9, stating that there were "no reasonable grounds" for bringing the claim and "no realistic prospect of succeeding if it went to trial" given the amount of time that had passed.However, Howells is now interested in acquiring the landfill site, according to the BBC, and also wants to appeal Judge Keyser’s decision. "I have discussed this option recently with investment partners and it is very much on the table,” he told the British public service broadcaster.Over 7,500 BTC lostDuring a hearing in December, the court learned that Howells, an early Bitcoin adopter, mined over 7,500 BTC in 2009 when it held little value.As the cryptocurrency's worth skyrocketed, he organized a team of experts to locate and recover the accidentally discarded hard drive and repeatedly sought permission from the council to access the landfill, even offering it a share of the bitcoin if recovered. While the site holds more than 1.4 million tonnes of waste, Howells believes he has narrowed the location down to an area of 100,000 tonnes.The council urged the High Court judge to strike out the legal action at the hearing, arguing that existing laws meant the device had become its property once it entered the landfill and environmental permits forbade its excavation.Earlier this month, the BBC reported that the landfill site is expected to close in the 2025-2026 financial year, with Newport Council securing planning permission to convert part of the land to a solar farm."The council planning on closing the landfill so soon is quite a surprise, especially since it claimed at the High Court that closing the landfill to allow me to search would have a huge detrimental impact on the people of Newport, whilst at the same time they were planning to close the landfill anyway," Howells told the BBC.Howells has speculated that the inaccessible funds could be worth over £1 billion ($1.2 billion) by 2026 and previously told the BBC he was willing to take the case to the Supreme Court. The Block reached out to James Howells and Newport Council for comment.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.