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The saga of James Howells' missing $716 million Bitcoin deepens as his ex-partner confesses to throwing away the hard drive containing 8,000 BTC at his behest. The unfolding drama underscores the critical need for secure cryptocurrency storage and the dire consequences of mishandling digital assets.
Lost Bitcoin Saga Begins With $716M Landfill Mystery
A new chapter has begun in the astonishing tale of James Howells and his $716 million (569 million British pounds) Bitcoin wealth, which went missing in a Welsh landfill over ten years ago.
Howells requested that Halfina Eddy-Evans dispose of the hard disk containing eight thousand Bitcoin, and Eddy-Evans dutifully complied.
The hard drive was disposed of at Howells' request, according to Eddy-Evans, who told the Daily Mail that "losing it was not [her] fault."
Proper management is crucial to minimizing financial losses when it comes to custodying digital assets like cryptocurrency, as demonstrated by Howells' experience.
Bitcoin’s Low Value Hid the Importance of the Hard Drive
While purging obsolete computer components in 2013, Howells accidentally threw away the hard disk. Bitcoin wasn't worth nearly as much as it is now, so nobody noticed the treasure on the drive.
After being asked to dispose of the "unwanted belongings" and "begged" to have them removed, Howell allegedly took the hard drive to a landfill, according to her ex-partner.
At a period when Bitcoin was worth less than $1 per token in 2009, Howells discovered that the drive held eight thousand Bitcoins. The value of the cryptocurrency has skyrocketed recently, increasing the amount of the stolen assets to above $716 million.
Environmental Concerns Block Landfill Excavation Efforts
Howells has repeatedly petitioned the Newport City Council to authorize a landfill excavation since discovering the missing assets on the hard drive, but each time, their requests have been denied.
Digging through 110,000 tons of trash would pose environmental hazards and logistical problems, according to the Newport City Council.
After promising to privately fund the dig and giving a $11 million proposal to find the monies, Howells' has remained unfazed by the refusals and vowed to pay 10% of the recovered funds to the council. Nonetheless, the council insists that the activity in question cannot be authorized by its environmental license.
The Legal Fight Over $647 Million in Damages
Since the council denied the IT engineer's requests, he sued Newport City Council, seeking 495 million British pounds (about $647 million) in damages, Cointelegraph reports.
Eddy-Evans' remarks underscore the significance of safe storage, and the case itself shows the dangers of self-custody for bitcoin holders. When thinking about self-custody, it's important to plan ahead to make sure the money is safe, easily accessible, and won't be thrown out by an ex-spouse.
No matter what kind of cryptocurrency wallet you use—an online or app-based one, a hardware wallet (also referred to as a "cold wallet"), or both—it is essential to keep your private keys and recovery options offline in order to lessen the likelihood of internet hacks.
Protecting Cryptocurrency Through Secure Storage Solutions
Protect your money from loss by keeping backups of your recovery phrases and private keys in different, secure places, such as a safe deposit box or encrypted cloud storage.
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