James Howells, who lost 8,000 Bitcoin (BTC) worth approximately $905 million in 2013 after accidentally discarding a hard drive containing the cryptocurrency, has abandoned recovery efforts to pursue a new decentralized finance (DeFi) venture. The British IT professional will develop a Bitcoin layer-2 network, with the lost hardware serving as the project’s symbolic vault.
Howells’ attempts to retrieve the hard drive spanned over a decade and included multiple excavation proposals for a landfill where the device is buried. His latest legal bid concluded unsuccessfully with a rejection by the UK Court of Appeal, ending hopes of recovering the assets.
Industry experts consider the recovery virtually impossible due to insurmountable logistical and financial hurdles. Harry Donnelly, founder and CEO of blockchain firm Circuit, emphasized these challenges while assessing the case.
Howells’ story has drawn entertainment industry attention, with a production titled ‘The Buried Bitcoin’ now in development. The project will spotlight the risks of cryptocurrency self-custody while chronicling his prolonged recovery saga.
The pivot to a Bitcoin-based layer-2 network represents Howells’ strategic shift toward next-generation DeFi solutions, utilizing his experience to inform the new initiative.