TechFlow news, November 6 — According to Decrypt, a U.S. federal appeals court on Tuesday rejected a lawsuit by Michael Prime, a Florida man seeking recovery of over $354 million worth of bitcoin. Prime claimed the bitcoin was stored on a hard drive destroyed by authorities when he was arrested in 2019 for forgery and identity theft. The court ruled that Prime waited too long to file his claim and that his earlier repeated statements to investigators, probation officers, and judges—indicating he held virtually no cryptocurrency—contradicted his later assertion of possessing "approximately 3,443 bitcoins." Federal agents ceased their search for bitcoin based on these prior statements and subsequently destroyed equipment, including the disputed orange hard drive. Prime was sentenced in 2020 to more than five years in prison.
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