On August 4, information emerged that James Howells had halted the operation to search for the hard drive containing 7500 BTC. However, he denied the rumors and announced the release of a token that would secure his legal rights to the lost assets.
According to Howells, Ceiniog Coin (INI) will be launched by the end of 2025. The total supply will be 800 billion coins, each tied to 1 satoshi (0.00000001 BTC).
"The goal is to create the Ceiniog ecosystem and launch a high-speed, scalable Web3 environment for payments with quick confirmation, secured by the Bitcoin blockchain and backed by 8000 BTC," Howells said in a comment to The Block.
In 2013, a Brit accidentally threw away a wallet with bitcoins worth $857 million at current rates, which he mined in the early 2010s. The device ended up in a landfill in Newport, Wales.
The landfill in Newport, where the hard drive containing 7500 BTC is allegedly located. Source: BBC.
Since then, Howells has unsuccessfully attempted to obtain permission for excavation, offered the city council $72 million, developed a plan using AI, and wanted to involve Boston Dynamics' robot dogs in the search.
Local authorities refused him due to environmental and legal risks. Experts estimated Howells' chances of finding the hard drive at 0.00000011%.
However, this did not stop him — the man appealed to the High Court of the UK. The court dismissed his claim against Newport's administration for £495 million, acknowledging that the disk belongs to them but confirming the Brit's rights to the digital assets.
In February, British authorities announced plans to landfill conservation. Howells expressed his willingness to purchase part of the territory and continue the search, and in July made an official offer of $33-40 million. However, no response followed.
"I am no longer trying to buy the landfill, I am not dealing with excavation or land restoration issues, and I am halting all negotiations with the council and its representatives," he noted.
Recall that in April, the American media company Lebul purchased exclusive rights to develop and produce Howells' story.
