Key Points:
An engineer from Newport, James Howells, accidentally threw away a hard drive containing 8,000 Bitcoin while cleaning his house. That crypto is now valued at $647 million. Howells filed a suit against Newport City Council for preventing him from excavating the land where he believes the hard drive ended up, citing environmental concerns.
He had offered the council 10% of the value of the recovered Bitcoin, but his requests to dig were not granted. Howells has filed a formal lawsuit, and the hearing is set to happen in December, according to CoinDesk.
Read more: Have You Ever Lost Bitcoin? What Does This Mean?
The class-action lawsuit focuses on the decision of the Newport City Council to deny Howells permission to excavate his hard drive containing Bitcoin in a local refuse landfill. It is claimed that the council will not allow it on account of environmental and safety concerns.
Howells has gathered some expertise in the case represented by attorneys to help him push forward. Recovered 8,000 Bitcoins may have an extended market effect, but no one knows how this case will turn out.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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