James Howells’ $716 million Bitcoin stash in a landfill has led to legal disputes, with his ex-partner claiming she discarded the hard drive on his instructions.
A fresh chapter has emerged in the story of James Howells and his $716 million (569 million British pounds) Bitcoin windfall, which was buried in a Welsh landfill over ten years ago.
According to Howells’ ex-partner Halfina Eddy-Evans, she disposed of the hard disk that held 8,000 Bitcoin at his instruction.
Howells’ ex-partner claimed in a Daily Mail interview that “losing it was not [her] fault” and that she tossed away the hard drive at Howells’ request.
Howells’ tale demonstrates the dangers of holding digital assets, such as cryptocurrencies, and the importance of effective management in preventing monetary losses.
There Is Only One Hard Drive To Locate
While removing outdated computer components in 2013, Howells unintentionally threw away the hard disk.
The potential wealth on the drive was overlooked since Bitcoin’s value was far lower than it is now.
Howell’s ex-partner claims that after being “begged” to remove the “unwanted belongings,” she was instructed to dispose of them and brought the hard drive to a landfill.
Later, Howells discovered that the disk held 8,000 Bitcoin that he had mined in 2009 when the value of each token was less than $1.
Due to the recent surge in the value of cryptocurrencies, the stolen assets are now valued at over $716 million.
Howells’ Environmental Or Legal Challenges
Howells has repeatedly asked Newport City Council to permit a landfill excavation since learning of the lost assets on the hard drive, but each time they have been turned down.
Digging through 110,000 tons of rubbish presented logistical and environmental dangers, according to the Newport City Council.
After promising to pay for the excavation privately, providing a $11 million plan to find the money, and promising to give the council 10% of the money retrieved, Howells has not been deterred by the rejections.
The council, however, insists that such an operation is not permitted by its environmental license.
Since the council denied his requests, the IT engineer has filed a lawsuit against Newport City Council, claiming damages of 495 million British pounds, or around $647 million.
Lesson in cryptocurrency’s custody
With Eddy-Evans’ remarks highlighting the significance of safe storage, the case draws attention to the dangers of self-custody for cryptocurrency owners.
When thinking about self-custody, it’s important to plan to make sure the money is safe, easily accessible, and unlikely to be misplaced or thrown away by an ex-partner.
To lower the danger of online hacks, it is essential to save private keys and recovery alternatives offline, whether you are using a hardware wallet, often known as a “cold wallet,” or storing money in an app or online crypto wallet.
It is possible to keep money safe and stop financial losses by keeping several copies of recovery phrases and private keys in various secure places, such as safe deposit boxes or encrypted digital storage.
