A British investor has recovered $4.4 million in bitcoin after a 12-year legal dispute following the collapse of Intersango, a UK cryptocurrency exchange that ceased operations in 2014.
The investor, who uses the pseudonym Chris, purchased 61 BTC in 2011 at prices ranging from approximately $0.22 to $21.63 per coin. He deposited the bitcoin with Intersango, formerly known as Britcoin, which was the first UK exchange to offer pound-based bitcoin trading and accepted bank deposits to fund customer accounts.
When Intersango shut down in early 2014, Chris lost access to his holdings. The exchange was not licensed by the Financial Conduct Authority (FCA), leaving customers with limited recourse. Chris described the experience as a shock and said he eventually stopped monitoring bitcoin's price movements, believing his investment was lost.
In 2018, Chris received emails from Intersango's founders attempting to contact former customers. Skeptical of their authenticity, he initially dismissed them as scams. At his wife's suggestion, he contacted CEL Solicitors, a law firm specializing in cryptocurrency recovery cases.
Ryan Sweetnam, Director of Financial Litigation at CEL Solicitors, negotiated the recovery process. The firm spent four months submitting required documentation to U.S. courts. Sweetnam characterized the resolution as a negotiation rather than a trial, avoiding the need for extended court proceedings.
Chris's recovered holdings are now valued at 3.3 million pounds, equivalent to $4.4 million. He expressed wariness about cryptocurrency custody arrangements despite the recovery, noting that regulatory uncertainty remains in the sector.
