Crypto Investor Seeks Legal Action Over $557 Million Bitcoin Loss
Welsh Bitcoin investor James Howells is threatening to sue the Newport City Council after they consistently denied his requests to excavate a landfill in search of 8,000 Bitcoins he accidentally discarded. The lost Bitcoin is now worth $557 million. Howells is seeking £446 million ($557 million) in damages, matching the highest recorded value of his lost Bitcoin. The council has cited environmental concerns and negative impacts on the surrounding area as reasons for refusing Howells' pleas. Howells had previously promised to allocate 10% of the recovered Bitcoin to transforming Newport into a "crypto-mecca."