He Lost His Bitcoin in a 2014 Exchange Collapse

A man became a millionaire overnight after recovering millions of dollars in Bitcoin(CRYPTO: BTC) that he had lost access to 12 years earlier.

The Quest for ‘Lost’ Bitcoin

U.K. resident Chris lost access to his cryptocurrency wallet, which held roughly £4,000 ($5417.67) worth of Bitcoin, when the trading platform Intersango collapsed in 2014, accordingto LBC News.

Chris’ journey with Bitcoin began in 2011 when a friend persuaded him to invest in the cryptocurrency. He cautiously bought roughly $2031 worth of Bitcoin through Intersango, one of the earliest Bitcoin exchanges in the U.K. 

However, the platform began experiencing serious problems in late 2012. By early 2014, the website had gone offline, and users who tried to withdraw their funds received no response. Chris also found his account frozen.

It was speculated that Bitcoin remained in the accounts of one of the company’s co-founders and could be recovered by former users who provided adequate proof of ownership.

Despite numerous unsuccessful attempts to contact the company over the years, Chris had accepted the loss of his cryptocurrency.

Finally Some Luck

Earlier this year, though, he decided to try again, seeking legal help to prove ownership of dozens of the “lost” BTC. Within a few months, the coins were returned to him, now valued at around $4.47 million.

When Chris told his family, he said their “jaws dropped,” and their “eyes popped.” He added that his cryptocurrency is held on an exchange regulated by the Financial Conduct Authority, yet he remains skeptical about its security and checks it “every single day, 20 times a day.”

Chris said he hasn’t properly celebrated yet, but he’s planning to throw a party and take a holiday with his family.

The Case of the Discarded Bitcoin

This case brought back memories of another incident from the U.K., where a software engineer unintentionally discarded a hard drive containing 8,000 BTC.

The individual made several attempts to negotiate with the local authorities to allow him to search the landfill where the hard drive is believed to be, including public proposals and legal action, but to no avail.

Price Action: At the time of writing, BTC was exchanging hands at $77,990.66, down 0.19% in the last 24 hours, according to data from Benzinga Pro.

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