Bitcoin News: 61 BTC Unlocked After 12 Years in Dormant Intersango Account

In today’s Bitcoin news, a British investor known only as Chris has regained access to 61 BTC that had been inaccessible for more than 12 years following the collapse of the early UK cryptocurrency exchange Intersango.

The recovered Bitcoin is now worth about £3.3 million. His claim was settled through negotiations rather than a court ruling, after lawyers gathered historical records to demonstrate that the Bitcoin belonged to him.

Chris originally invested £1,500 in Bitcoin in 2011, when BTC was trading at approximately £2.94. He purchased the coins through Britcoin, an exchange that later became Intersango. According to CEL Solicitors, the firm representing him, Chris began the recovery process in January 2026, and the matter was settled on May 28, around four months later.

Proving ownership involved collecting old bank statements, emails, exchange records and legal documents that had been prepared for proceedings in US courts. CEL Solicitors said it has traced more than 5,500 BTC associated with former Intersango customers, although each claimant must independently prove ownership of the specific Bitcoin they are seeking.

How Chris Lost Access to His Bitcoin

Intersango gained thousands of customers during Bitcoin’s early development but began experiencing difficulties in late 2012. Its website eventually disappeared in early 2014, and customers received no response when they attempted to withdraw their funds.

Chris discovered that his account had effectively been frozen when he tried to access his Bitcoin. At the time, his holdings were worth only around £4,000.

After repeated efforts to contact the exchange failed, Chris eventually assumed the Bitcoin was gone. As BTC prices climbed dramatically in the years that followed, he told LBC that watching the cryptocurrency appreciate was particularly difficult after he had already written off his holdings.

He made another attempt to recover the funds in early 2026 after his wife encouraged him to approach CEL Solicitors.

Ryan Sweetnam, director of financial litigation at CEL Solicitors, said the firm first had to compile documentation connected to legal proceedings in US courts before it could pursue a resolution.

Although the recovery process took several months, Chris’s claim was ultimately resolved through negotiation without a judge issuing a decision. The firm said the 61 BTC were eventually transferred to a wallet under Chris’s control.

Chris has since moved the recovered Bitcoin to a platform regulated by the UK’s Financial Conduct Authority. He said he intends to keep some of the recovered funds in cryptocurrency while converting another portion into cash.

Why the Intersango Case Matters

Intersango was not regulated by the Financial Conduct Authority, which left customers with fewer protections and recovery options after the exchange ceased operations.

Chris’s situation is also different from cases where Bitcoin is lost because someone forgets a private key or password. In this instance, the Bitcoin remained on an exchange that stopped operating, leaving the customer unable to access assets that were still held by the platform.

The three founders of Intersango have been involved in legal proceedings concerning the exchange’s shutdown. Those proceedings included allegations that one of the founders controls approximately 5,500 BTC, currently worth around £500 million, with at least some of those coins potentially belonging to former customers.

Sweetnam said the litigation recognized that Bitcoin linked to former Intersango customers still existed, providing a potential basis for recovery efforts.

Former Intersango users considering similar claims may need to gather historical bank statements, emails from the exchange and other documents that can establish ownership. An email address previously used to register an Intersango account could also help identify and trace an old account.

What Could Happen to Other Intersango Claims?

Other former Intersango customers may also attempt to recover their Bitcoin, but each claimant will need to demonstrate that the specific assets being sought belong to them.

Sweetnam said the recovery process can be lengthy, even in situations where a debt has been acknowledged and there is an effort to return the underlying assets.

The UK’s regulatory framework for cryptocurrency businesses has also changed significantly since Intersango shut down. However, the country’s new comprehensive authorization regime has not yet come into force.

The FCA’s application window for the new framework is scheduled to run from September 30, 2026, until February 28, 2027.

The new regime is expected to take effect on October 25, 2027. From that date, trading platforms, custodians, stablecoin issuers and other businesses covered by the rules will require authorization to provide regulated crypto services in the UK.

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