A UK man has recovered bitcoin he bought through the now-defunct early crypto exchange Intersango after 12 years, with the holding now valued at about £3.3 million, according to LBC.
The case centers on Intersango, an early British exchange. Lawyers involved said one of its co-founders still holds about 5,500 BTC, valued in the report at roughly £500 million, and that at least part of those assets may belong to former UK users.
Bought in 2011, then lost access after the exchange collapsed
The report said the man, identified under the pseudonym Chris, bought bitcoin worth about £1,500 in 2011 after taking a friend’s advice. He used Intersango, which had previously operated as Britcoin.
Intersango ran into problems in late 2012 and fully shut down its website in early 2014, leaving many users without access to their assets. By that point, Chris’s bitcoin was worth about £4,000. But because the platform was not regulated by the UK Financial Conduct Authority, he had almost no path to recover the funds and could only watch his account remain frozen.
As bitcoin climbed over the following years, Chris still could not reach the assets. The report noted that bitcoin hit about £94,000 at its peak last year. At the same time, he was dealing with family health problems and the cost of home repairs. He described the experience of watching the price rise while being unable to access the money as 「a punch in the stomach」.
Lawyers stepped in and the transfer was completed after months of negotiations
The turning point came this year. Encouraged by his wife, Chris contacted CEL Solicitors, a law firm that handles crypto recovery matters.
Ryan Sweetnam, head of financial litigation at the firm, helped gather key proof of ownership and dealt with related US court filings. After several months of negotiations, the bitcoin, now worth about £3.3 million, was transferred to Chris’s wallet on an FCA-regulated platform.
Chris said that even after the recovery, he still checks the app 20 to 30 times a day. He added that concerns about hackers and scams continue to leave him feeling insecure.
Co-founder still holds about 5,500 BTC
According to details disclosed by the lawyers, one of Intersango’s co-founders still holds about 5,500 BTC, and at least some of it may belong to former UK users.
- In litigation, the co-founder acknowledged for the first time that he had continued holding these assets for users even though the company had been closed for years.
- To reduce his own debt liability, he is now more inclined to return assets to users who can clearly prove ownership.
That account suggests Chris may not be the only former customer who can try to recover funds left on the platform.
Chris plans to cash out part of the holding
Chris said he plans to sell part of the recovered bitcoin to buy a larger home so he can help care for his disabled mother-in-law and take his family on holiday. He said the rest will remain in the crypto market.