CEL Solicitors says it has traced more than 5,500 BTC from Intersango, an early Bitcoin exchange that ceased operations over a decade ago. At Bitcoin's current price near $78,824, those coins carry a value of roughly $433.5 million.
A former UK customer has already recovered 61 BTC from the exchange's remains, worth approximately $4.81 million. The investor instructed CEL on January 20, and the case settled on May 28, returning all coins. This successful recovery demonstrates that old balance documentation can translate into substantial ownership claims.
The Scale of Lost Intersango Assets
Intersango operated when Bitcoin traded in the low double digits. In October 2012, the exchange offered 625 BTC for $12.10 each—a batch valued at roughly $7,563 at the time. Those same 625 BTC are now worth approximately $49.3 million.
CEL says former Intersango users may have claims against the traced Bitcoin, though each claimant needs evidence connecting an old account balance to the assets. A separate alleged court balance of 15.463 BTC—worth about $1.22 million at current prices—exists in legal records.
The Importance of Early Documentation
The recovery process places unusual value on records created during Bitcoin's earliest years. Emails, bank statements, support tickets, and account records that once documented balances worth a few dollars can now support claims worth millions.
CEL says useful evidence can include the email address attached to an account, correspondence with Intersango, and bank statements documenting transfers to the exchange. The firm noted that obtaining bank records from almost 15 years earlier became a major hurdle in establishing ownership in the 61 BTC case.
Legal Framework and Competing Claims
California court records show that recovery efforts exist within a wider dispute over Intersango customer Bitcoin. A 2025 Court of Appeal opinion in Norman v. Strateman describes allegations that Patrick Strateman closed the exchange, retained assets, and refused to return customer Bitcoin. An appellate ruling sent a settlement back for judicial review of its fairness, establishing a documented legal framework around unresolved property claims.
CEL says Intersango began winding down during late 2012 as GBP and USD trading ended. The website had gone dark by early 2014, and Companies House records show Intersango Ltd ceased to exist on March 22, 2016.
The Evidence Challenge
Former users may have lost access to old email accounts, discarded bank statements, or deleted exchange correspondence during years when their balances carried little economic value. Blockchain records can trace coins through wallets and transactions, but ownership claims require evidence tying those assets to a particular user.
CEL's 5,500-BTC figure defines the potential scale of the property it says it has traced. The amount that former users ultimately recover will depend on how much of that pool can be tied to provable balances—in many cases, an email, support ticket, or bank statement created when Bitcoin traded for little more than $12.
