In England, James Howells announced a bold new initiative to recover a cryptocurrency wallet containing 8,000 Bitcoins that he mistakenly discarded nearly a decade ago.
With the current value of the cryptocurrency amounting to approximately $1 billion, Howells has embarked on numerous attempts over the years to reclaim this lost fortune.
Longstanding Battle and Rejections
Howells’ struggle began around 12 years ago, as he repeatedly sought permission from the Newport City Council to search the landfill where he believed his cryptocurrency wallet was dumped. Despite numerous attempts involving public offers, mediation, and formal $25 million proposals, his requests were consistently denied. Environmental concerns were cited as the main reason for rejecting a $70 million offer made by Howells in 2021 to search the site.
“For over 12 years, I attempted everything: public offers, mediation, and a formal $25 million offer. They took no steps for the $1 billion wallet. I’m done asking.”
Despite these setbacks, Howells remains determined in his quest, adapting new strategies to overcome obstacles.
New Solution: Ceiniog Coin (INI)
Howells plans to launch a new blockchain project named Ceiniog Coin (INI), which represents the full value of the 8,000 Bitcoins. Set to be released by the end of 2025, the new cryptocurrency aims to create 800 billion Ceiniog Coins, each equating to the satoshi value of his lost Bitcoin.
$
115,044 assets.
“I’m tokenizing the entire wallet – 8,000 BTC – to be released as 800 billion Ceiniog Coins (INI), paired one-to-one with the satoshi value.”
The project will be built on Bitcoin infrastructure, utilizing OP_RETURN technology, and is expected to integrate with platforms like Stacks, Runes, and Ordinals. Newport City Council’s repeated denial of landfill searches, setting to fully close the site permanently by the 2025-2026 fiscal year, further complicates future search endeavors. Not deterred, Howells expressed his commitment to advancing the project within the blockchain.
“I’ve tried legal and mediation routes, but authorities constantly blocked me. I’ll move forward on the blockchain.” (James Howells)
Howells acknowledges the challenges he faces, highlighting that the system hinders his physical search efforts but cannot block blockchain ventures. The value of the INI Coin, however, lies in its concept rather than practicality since the actual Bitcoin is likely forever inaccessible. Nevertheless, if outlined humorously like a meme coin or with a charitable narrative, it has the potential to garner some attention and support.
Concluding his pursuits in the landfill, Howells embraces blockchain as a viable frontier. Although unlikely to reclaim the full financial loss, he demonstrates remarkable resilience and innovation. This endeavor touches on forgotten fortunes locked in inaccessible wallets, which contribute to Bitcoin’s scarcity.
