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A man’s decade-long battle to recover his £600m bitcoin fortune (nearly $750M) has been halted by a judge.
James Howells, 39, launched a legal case after he lost his Bitcoin hard drive in a landfill in 2013 in Newport, Wales, the BBC reported.
Since his misfortune, Howells has offered to fully fund the excavation process and share 25% of the recovered Bitcoin with the Newport City Council.
However, the city denied his request, beginning a decade-long saga in an attempt to retrieve his lost cryptocurrency.
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Bitcoin, the world’s largest cryptocurrency, has been rising in value since the US election, reaching $89,637 at 8 a.m. this morning. (Photo illustration by Chesnot/Getty Images / Getty Images)
On Thursday, the outlet reported, Circuit Commercial Judge for Wales Judge Keyser dismissed Howells’ lawsuit seeking permission to excavate.
In his ruling, Keyser stated that Howells had “no reasonable grounds” for bringing the claim and that there was “no realistic prospect” of success if the case proceeded to a full trial.
“I consider that the particulars of the claim do not show any reasonable grounds for bringing this case. I also consider that the claim would have no realistic prospect of succeeding if it went to trial and that there is no other compelling reason why it should be disposed of at trial,” he said.
Representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on November 14, 2022. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
The judge said that he accepted the council’s argument that it owned the hard drive and Howells was not entitled to it.
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“In my judgment, the defendant’s [the council’s] argument is correct and provides a complete answer to the claims,” he said.
A representation of bitcoin is seen in an illustration picture taken on June 23, 2017. (Benoit Tessier/File Photo / Reuters Photos)
Howells told the British outlet that he was “very upset” about the ruling, saying that it felt like a “kick in the teeth.”
“The case being struck out at the earliest hearing doesn’t even give me the opportunity to explain myself or an opportunity for justice in any shape or form,” he said. “There was so much more that could have been explained in a full trial and that’s what I was expecting.”
He added he had “been trying to engage with Newport City Council in every way which is humanly possible for the past 12 years.”
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“It’s not about greed, I’m happy to share the proceeds, but nobody in a position of power will have a decent conversation with me,” he said.
“This ruling has taken everything from me and left me with nothing,” he said. “It’s the great British injustice system striking again.”