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A man's 10-year battle to recover his £600 million ($750 million) Bitcoin fortune has been halted by a judge.
James Howells, 39, filed the lawsuit after losing his Bitcoin hard drive at a landfill in Newport, Wales, in 2013. BBC reported.
Since his misfortune, Mr. Howells has offered to fully fund the excavation process and share 25% of the recovered Bitcoins with the Newport City Council.
However, the city denied his request and a 10-year adventure began to recover the lost virtual currency.
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Bitcoin, the world's largest virtual currency, has increased in value since the US presidential election, reaching $89,637 at 8 a.m. this morning. (Photo illustration: Chesnot/Getty Images/Getty Images)
The newspaper reported on Thursday that Welsh Circuit Commercial Judge Judge Kaiser had dismissed Mr Howells' lawsuit seeking permission to excavate.
In his ruling, Kaiser said Howells lacked “reasonable cause” to file the lawsuit and had “no realistic prospect” of success if the case went to full trial.
“I believe that the particulars of the claim do not demonstrate a reasonable basis for bringing this action, and that even if this claim were to go to trial, there is no realistic prospect of success; I don't think there is any other compelling reason to file a lawsuit.''The case was disposed of by the court.''
Representations of cryptocurrencies can be seen in this illustrated photo taken on November 14, 2022 in Krakow, Poland. (Jakub Porzycki/NurPhoto via Getty Images / Getty Images)
The judge said he accepted the council's argument that the hard drive was owned by the court and that Mr Howells was not entitled to it.
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“In my judgment, the defendant [the council’s] “The argument is sound and provides a complete answer to the claim,” he said.
A representation of Bitcoin can be seen in an illustrated photo taken on June 23, 2017. (Benoît Tessier/File Photo/Reuters Photo)
Mr Howells told British media he was “very upset” about the verdict, adding: “It feels like a kick in the teeth.”
“The termination of the case after an initial hearing denied me the opportunity to defend myself or even seek any form of justice,” he said. “There's a lot more that could have been explained in a full trial, and that's what I expected.”
He added: “For the past 12 years, I have tried to engage Newport City Council in every way humanly possible.”
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“This is not a question of greed. I would be happy to share the proceeds, but no one in a position of power would talk to me properly,” he said.
“This judgment took everything from me and left me with nothing,” he said. “Britain's great system of injustice strikes again.”
