A decade-long dispute between Welsh Bitcoin investor James Howells and the Newport City Council is escalating, with Howells threatening legal action in his quest to recover 8,000 Bitcoins he accidentally discarded. The cryptocurrency, at its peak valuation, was worth an astounding $557 million, but currently sits at approximately $207 million, according to reports on Monday.
Howells has been seeking permission from the council for years to excavate the landfill where he believes his discarded hard drive containing the Bitcoin (CRYPTO: BTC) resides. The council, however, has consistently denied these requests due to environmental concerns and potential negative impacts on the surrounding area.
In response to the council's refusals, Howells is preparing to sue, potentially blocking other works on the landfill site. His lawsuit seeks £446 million ($557 million) in damages, equivalent to the highest recorded value of his lost Bitcoin. This sum could spell financial disaster for the council.
"I've tried everything I can for 10 years; they didn't want to play ball, so now we have to go down the legal route," Howells was quoted saying. He has assembled a team of 16 people, including data recovery experts and a retired landfill manager, to assist in his search should he gain permission.
Earlier this month, Howells sent a letter to the council demanding permission to commence his landfill excavation work by Sept. 18 and a judicial review of the council's decision-making process regarding his case.
The saga began in 2013 when Howells accidentally discarded his Bitcoin cold wallet while cleaning his old office. At their peak, the lost Bitcoins were worth £446 million and are valued at approximately £166 million ($207 million) today.
Last year, Howells claimed to have secured sufficient funding for the excavation and attempted to sway the council by promising to allocate 10% of any recovered Bitcoin to transforming Newport into a "crypto-mecca." He offered £50 (£1 = $1.2527) to every Newport resident and proposed installing crypto-based terminals in local shops.
However, the council remains resolute, with a spokesperson stating, "In the current climate, we cannot justify diverting valuable officer time from delivering services to Newport's residents."
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