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Bitcoin News: 61 BTC Returned After 12 Years Frozen in Intersango Account
Bitcoin
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Ahmed Barakat
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Part of the Team Since
Mar 2024
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Ahmed Barakat is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.
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In Bitcoin news today, a British investor, identified only as Chris, has recovered all 61 Bitcoin he lost access to more than 12 years ago after the collapse of the early UK exchange Intersango.
The holdings are worth roughly £3.3M. His individual claim was resolved through negotiation rather than a courtroom decision after lawyers assembled records to establish that the coins belonged to him.
Chris invested £1,500 in Bitcoin in 2011, when the cryptocurrency traded at around £2.94 per coin. He bought through Britcoin, which later became Intersango. According to CEL Solicitors, which handled the claim, he instructed the firm in January 2026, and the case was settled on May 28, roughly four months later.
Establishing ownership required historical bank statements, emails, exchange records and documents prepared for proceedings in US courts. CEL Solicitors has said more than 5,500 BTC connected to former Intersango users have been traced, although each claimant must establish ownership of specific holdings.
Bitcoin News Today: From Frozen Account to Negotiated Settlement
Intersango attracted thousands of users during Bitcoin’s early years before running into trouble in late 2012. Its website went offline in early 2014, and customers attempting withdrawals received no response. Chris found his account frozen when he tried to move his coins, which were then worth roughly £4,000.
After several unsuccessful attempts to contact the company, Chris eventually treated the holdings as lost. As Bitcoin’s value increased over the following years, he told LBC that watching the price rise was difficult after he had written off the coins. He tried again to recover the assets in early 2026 after his wife encouraged him to contact CEL Solicitors.
Ryan Sweetnam, director of financial litigation at CEL Solicitors, said the firm had to prepare documentation for US court proceedings before it could resolve the claim.
The process took time, but Chris’s individual matter ultimately ended through negotiation without a judge deciding the claim. The firm says the 61 BTC later reached a wallet Chris controls.
Chris has since transferred the recovered holdings to an FCA-regulated platform. He said he plans to retain part of the amount in crypto and convert some into cash.
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A Wider Pool of Stranded Coins
Intersango was not regulated by the Financial Conduct Authority, leaving Chris with limited options when the exchange stopped operating.
His case differs from a lost-wallet recovery involving a forgotten private key or password. The coins remained inaccessible because an exchange holding customer assets ceased operating.
The three Intersango co-founders have been involved in litigation over the platform’s closure. During those proceedings, it was alleged that one founder holds about 5,500 BTC, valued at around £500M, with at least part of the holdings potentially belonging to former customers. Sweetnam said the litigation acknowledged that assets connected to former Intersango users still existed.
Former users pursuing similar crypto recovery claims may need old bank statements, exchange emails and other records to support their cases. An email address originally used to register an Intersango account may also provide a starting point for tracing an account.
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What Comes Next for Other Claimants
In other Bitcoin news, other former Intersango customers may pursue individual claims, but each will need to establish that the specific assets sought belong to them. Sweetnam said the process could take time even where there is an acknowledged debt and an effort to return assets.
The UK’s regulatory environment for crypto businesses has changed substantially since Intersango stopped operating, although the full authorization regime has not yet taken effect. The FCA’s application period for the new regime runs from September 30, 2026, through February 28, 2027.
The regime is due to take effect on October 25, 2027, when trading platforms, custodians, stablecoin issuers and other covered businesses will need authorization to conduct regulated crypto activities in the country.
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Source: cryptonews.com