Originally published on: November 25, 2024
The story of James Howells and his $716 million Bitcoin fortune lost in a Welsh landfill has taken a surprising turn.
Howells’ former partner, Halfina Eddy-Evans, recently disclosed that she disposed of the hard drive containing 8,000 Bitcoins at Howells’ request.
In an interview with the Daily Mail, Eddy-Evans explained that she threw away the hard drive because Howells had asked her to do so, absolving herself of any blame for the loss.
This incident underscores the importance of securely managing digital assets like cryptocurrencies to prevent financial losses.
Back in 2013, Howells accidentally threw out the hard drive while cleaning out old computer equipment. At the time, the value of Bitcoin was significantly lower than it is today, so the potential fortune on the drive went unnoticed.
Eddy-Evans mentioned that she took the hard drive to a landfill to discard “unwanted belongings” after being pressured to do so.
Howells later realized that the hard drive contained 8,000 Bitcoins he had mined in 2009 when the cryptocurrency was valued at less than $1 per token. With Bitcoin’s current skyrocketing value, the lost assets are now worth over $716 million.
Despite multiple pleas to the Newport City Council to allow a landfill excavation to find the lost Bitcoin, Howells’ requests have been denied due to environmental concerns and logistical challenges of sifting through tons of waste.
Unwavering in his pursuit, Howells has vowed to privately fund the excavation, suggesting innovative solutions to locate the funds and even offering to donate a percentage of the recovered assets to the council. However, the council remains steadfast in their decision, citing environmental regulations.
In response, Howells has filed a lawsuit against the Newport City Council seeking damages worth 495 million British pounds (approximately $647 million) for refusing his requests.
This case serves as a cautionary tale for cryptocurrency holders, highlighting the importance of secure storage and proper management to prevent such losses. Whether utilizing online wallets, app-based platforms, or hardware wallets, it is crucial to store private keys and recovery options offline to minimize the risk of hacks or accidental disposal.
By preparing in advance and safeguarding recovery phrases and private keys in secure locations, crypto holders can protect their funds from potential losses and maintain financial security.
