A U.S. federal appeals court has rejected a man's claim to recover $354 million in Bitcoin, citing the late filing and inconsistent statements. The man alleged that a hard drive containing private keys for 3,443 BTC was destroyed by law enforcement when he was arrested in 2019. The court noted that he had repeatedly denied owning any crypto assets, leading to the lawful destruction of the device, and thus he is not entitled to compensation. According to River Financial, between 2.3 million and 4 million Bitcoins, representing 11% to 18% of the total supply, are permanently lost.