James Howells, an early adopter of Bitcoin, has had his lawsuit against Newport City Council dismissed by a High Court judge.
Howells claimed that he lost a hard drive containing 7,500 bitcoins, now valued at over £600 million, and sought access to a landfill site where he believed it was buried. The council argued that the hard drive became their property once it entered the landfill, and environmental permits prohibit excavation of the site.
The court ruled that Howells' case lacked reasonable grounds and had no realistic prospect of success. Judge Keyser KC stated that even if the case were to proceed to trial, it would have no realistic chance of success.
Despite this setback, Howells remains determined to continue his legal battle. The rising value of Bitcoin has fueled his desire to recover the hard drive, which he estimates could be worth £1 billion by next year.
This case raises questions about property rights and the treatment of digital assets, as well as the evolving intersection of cryptocurrency and traditional legal frameworks. Despite the complexities involved, Howells' case may set important precedents for future claims involving lost or discarded digital property.