The Englishman who lost his bitcoins …

The Englishman who lost his bitcoins …

This man threw away $6 million worth of Bitcoins – BBC NEWS

Contents

Englishman who lost bitcoins will pay $ 70 million for help in the search
CONTENT

  • An Englishman threw 7,500 bitcoins into the trash

  • Every year, users will lose access to bitcoin wallets, and the total amount of blocked bitcoins exceeded $ 140 billion

  • A company specializing in restoring access to crypto wallets says it receives 70 applications daily

International consortium of news organizations, developing standards for transparency.

A resident of Newport (Wales, UK) James Howells is ready to offer $ 70 million to anyone who can help find a hard drive with 7,500 BTC, which an Englishman threw in a landfill back in 2013.

The Englishman who lost his bitcoins ...

Millions in a junkyard: an Englishman hopes for a miracle

A resident of the English city of Newport, James Howells, who worked for a long time in one of the IT companies, claims that he threw an old hard drive in a landfill where 7,500 bitcoins were stored. As Howells explains on the BBC, he mined bitcoins for four years, when cryptocurrencies were still in their infancy and cost very little. Howells threw away the hard drive between June and August 2013, believing he had already backed up the files he needed.

Then James Howells considered bitcoins to be useless coins, since the price of an asset in 2013 was worth about $ 74, and by the end of the year the cost of the cryptocurrency had risen to $ 700 apiece. Howells himself claims that he threw out the hard drive between July and August 2013..

The failed cryptomillionaire hopes for a miracle and asks the Newport authorities to help find the lost hard drive. To do this, he proposes to dig a certain part of the landfill and find the device.

“We need to dig a specific area of ​​the landfill based on the grid coordinate system and rebuild the hard drive, respecting all safety and environmental standards. The disk will then be provided to data recovery specialists who can rebuild the disk from scratch with new parts and try to recover the tiny piece of data that I need to access the bitcoins, ”explained James Howells..

The Englishman who lost his bitcoins ...

In return, the Englishman who lost his bitcoins promises to distribute $ 70 million to the residents of the city, and leave himself only 25% of the amount on the hard drive..

Howells offered to donate 25%, or £ 52.5 million ($ 71.7 million), to the city of Newport to distribute money to all local residents. That’s roughly £ 175 ($ 239) per person for the entire city (316,000 residents). Unfortunately, the Newport authorities refused the offer and did not want to further discuss this issue..

“The Council has repeatedly told Mr Howells that excavation is not possible under our license permit and that the excavation itself would have a huge impact on the environment in the surrounding area. It will cost millions of pounds to excavate the landfill, store and handle the waste – with no guarantees that they will find the disc or that it will still be in working order, ”explained a spokeswoman for Newport City Council..

It looks like Howells has no chance to get back the lost bitcoins. Note that at the time of this writing, the cost of BTC is $ 35,259, and the total cost of bitcoins that were lost along with the hard drive exceeds $ 264 million.

Hodlers lose thousands of bitcoins through their own stupidity

It is worth noting that Englishman James Howells is not alone in his misfortune. More recently, BeInCrypto reported that former Ripple employee Labs Stephen Thomas lost the keys to a bitcoin wallet containing 7,000 coins worth over $ 220 million. The password-protected, encrypted IronKey Flash is automatically locked after ten unsuccessful access attempts. Thomas has already used eight, he has only two attempts left, and if he does not remember the password, all data on the flash drive will be encrypted forever.

The Englishman who lost his bitcoins ...

And in February 2020, a similar story with Howells happened to the Irish drug dealer Clifton Collins, who hid the private key code for a bitcoin wallet in an aluminum case for fishing rods. The owner of the house, which the criminal rented, took all his belongings to a landfill immediately after Collins’ arrest. In the trash heap turned out to be access to a wallet that stores over $ 50 million euros in bitcoins.

In 2017, the founder of the sports blogging platform Barstool Sports, Dave Portnoy, lost $ 50,000 of bitcoins after losing the key to the hardware wallet that held the coins..

Recently, the NewYork Times estimated that about 20% of all currently existing bitcoins are stored on wallets, access to which is lost forever, which in dollar terms exceeds 140 billion.

Wallet Recovery Services, a firm that helps recover lost digital keys, said it receives 70 requests per day from users trying to access their digital wallets – three times the number it was a month ago..

Disclaimer

All information, contained on our website, published in good faith and objectivity, and for informational purposes only. Reader yourself bears full responsibility for any actions, committed by him on the basis of information, obtained from our website.

Share Article

Share