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A British man recovered Bitcoin worth about £3.3 million ($4.4 million) after losing access for more than a decade. Chris spent £1,500 on Bitcoin in 2011 through Intersango, then one of Britain’s earliest cryptocurrency exchanges. Lawyers later helped him regain the coins through negotiations and legal work involving US courts.
Chris bought Bitcoin after a friend told him the cryptocurrency could become a ‘massive thing.’ At the time, Bitcoin traded for only a few pounds, allowing his £1,500 investment to build a sizable holding.
Intersango later ran into difficulties and went offline in 2014. When Chris tried to withdraw his Bitcoin, the exchange had frozen his account. His holdings were already worth around £4,000 at that stage.
The Financial Conduct Authority did not regulate Intersango, which left Chris with limited recovery options. He eventually assumed the investment was gone, even as Bitcoin’s value climbed sharply over the following decade.
Earlier this year, Chris’s wife encouraged him to contact CEL Solicitors, a firm that handles cryptocurrency recovery cases. Lawyers collected documents that showed his ownership and pursued the matter through negotiations and US legal proceedings.
The legal work ultimately secured the return of his Bitcoin. At current values stated in the case, the recovered cryptocurrency is worth approximately £3.3 million, or about $4.4 million.
The recovery could affect other people who once held Bitcoin through Intersango. Ryan Sweetnam, Director of Financial Litigation at CEL Solicitors, discussed wider litigation involving the exchange’s founders with LBC.
Sweetnam said the litigation includes allegations that one founder holds about 5,500 BTC. At current values cited in the case, that amount could represent hundreds of millions of pounds.
Could other former Intersango customers still recover Bitcoin linked to the failed exchange? Sweetnam said he believes at least some of the alleged holdings could belong to former customers. Chris’s case also shows the scale of Bitcoin’s long-term price rise. He spent £1,500 in 2011, lost access years later, and recovered assets now valued in the millions.
Also Read: Gold vs Bitcoin: Why Investors are Turning to Scarcity Assets
Chris regained his holdings during another strong period for Bitcoin. BTC recently traded near $79,120 after gaining about 24% during August and reaching $81,455 on Aug. 28.
That Aug. 28 level marked Bitcoin’s highest price since May 15. On Tuesday, Bitcoin rose 1.2% to $79,015.3 by 02:13 ET after adding nearly 25% during August. Strategy also resumed Bitcoin purchases after a two-month pause. The company disclosed that it bought 4,603 BTC for about $368.7 million last week, its first purchase since late June.
Strategy funded the purchase through $602.8 million in common stock sales. It directed the remaining proceeds toward buying back STRC preferred shares, bringing its Bitcoin holdings to 845,050 BTC. Still, crypto gains faced pressure from higher-rate concerns and renewed US-Iran tensions. Federal Reserve Chair Kevin Warsh reiterated the Fed’s 2% inflation target, while markets increased expectations for a September rate hike.
At the same time, renewed US-Iran military strikes pushed oil prices higher. Shipping traffic through the Strait of Hormuz remained far below pre-war levels, adding to inflation and interest-rate concerns.
