A British Bitcoin investor, identified only as Chris, has recovered 61 BTC that had been inaccessible for more than 12 years following the collapse of the early UK crypto exchange Intersango.
The recovered holdings are now worth roughly £3.3 million. The claim was resolved through negotiations rather than a court judgment after lawyers compiled historical evidence showing that the Bitcoin belonged to Chris.
Chris bought £1,500 worth of Bitcoin in 2011, when BTC was trading at about £2.94. He purchased the coins through Britcoin, which was later renamed Intersango. CEL Solicitors said Chris hired the firm in January 2026, with the claim reaching a settlement on May 28, about four months later.
Establishing ownership required a collection of historical bank statements, emails, exchange records and documents linked to proceedings in US courts. CEL Solicitors said it has identified more than 5,500 BTC associated with former Intersango customers, although individual claimants still have to prove that specific coins belong to them.
How the Bitcoin Became Inaccessible
Intersango built a customer base of thousands during Bitcoin’s early years before encountering operational problems in late 2012. The exchange’s website eventually went offline in early 2014, while customers received no response when attempting to withdraw their funds.
Chris discovered that he could no longer access his Bitcoin when he attempted to move the coins. At that point, the 61 BTC were worth only about £4,000.
After several unsuccessful attempts to contact the exchange, he eventually assumed the Bitcoin was gone. The dramatic increase in BTC’s value over subsequent years made the situation even more frustrating. Chris told LBC that seeing Bitcoin’s price rise was difficult after he had already considered the coins lost.
He revisited the issue in early 2026 after his wife encouraged him to contact CEL Solicitors.
Ryan Sweetnam, director of financial litigation at the firm, said lawyers had to assemble documentation for US court proceedings before the claim could be resolved.
The case eventually concluded through negotiations, without a judge ruling on the ownership dispute. CEL Solicitors said the 61 BTC were ultimately transferred to a wallet controlled by Chris.
Chris has since moved the recovered coins to an FCA-regulated platform. He said he intends to keep some of the Bitcoin while converting a portion of the holdings into cash.
Intersango’s Collapse and Former Customer Claims
Intersango was not regulated by the UK Financial Conduct Authority, meaning customers had limited protections when the exchange stopped operating.
The case also differs from conventional lost-Bitcoin situations involving forgotten passwords or inaccessible private keys. Chris’s coins were not necessarily destroyed or permanently lost; they remained connected to an exchange that ceased operations.
The three co-founders of Intersango have faced litigation related to the platform’s closure. Court proceedings have included allegations that one founder controls around 5,500 BTC, worth approximately £500 million, with some of those holdings potentially belonging to former customers.
Sweetnam said the litigation recognized that assets associated with former Intersango users still existed, potentially opening a path for customers seeking recovery.
Other former users may need to produce old bank statements, exchange correspondence and transaction records to demonstrate ownership. Even an email address previously used to create an Intersango account could help lawyers trace historical customer records.
What It Means for Other Claimants
Other former Intersango customers could pursue similar recovery claims, but each person will have to establish ownership of the specific Bitcoin they are trying to recover.
Sweetnam warned that such cases can take time, even when there is an acknowledged debt and an existing effort to return customer assets.
The UK’s crypto regulatory framework has also evolved considerably since Intersango disappeared. The country’s new authorization regime, however, has yet to take effect.
The FCA is scheduled to accept applications under the new framework from September 30, 2026, through February 28, 2027.
The regime is expected to come into force on October 25, 2027. Once implemented, crypto trading platforms, custodians, stablecoin issuers and other covered businesses will need authorization to conduct regulated activities in the UK.
