Key takeaways:
- “Chris” bought 61 BTC in 2011, when bitcoin was trading at pennies, but left the cryptocurrencies on the Intersango exchange. After its closure in 2014, he lost access to the funds, whose value over time increased to millions of dollars.
- After many years, there was a chance to get the money back. In 2018, Chris was contacted by people associated with Intersango, but he initially considered the messages to be a fraud attempt. Ultimately, at his wife’s suggestion, he used the help of CEL Solicitors.
- After 12 years, he recovered 61 BTC worth approximately USD 4.4 million. The procedure required, among others: preparing documentation for proceedings in the USA and took about four months.
This story shows both the potential of bitcoin and the risk of storing cryptocurrencies on an exchange. A man known as “Chris” bought 61 BTC in 2011. A few years later, he lost access to them after the collapse of the British stock exchange Intersango. After 12 years, his cryptocurrencies were recovered. Today they are worth approximately USD 4.4 million.
He bought 61 BTC when bitcoin was worth several dozen cents
Chris decided to buy a total of 61 BTC. He carried out the transaction through Intersango, one of the first exchanges enabling the purchase of bitcoin for pounds. The problem was that the man had not transferred his bitcoins to a private wallet. Cryptocurrencies remained on the exchange, which meant that access to them depended on the existence and functioning of the platform. It soon turned out how serious the consequences of such a decision could be.
Intersango ceased operations in early 2014. For Chris, this meant losing access to bitcoins. At that point, his investment was already worth much more than when he purchased it. However, the man was unable to withdraw the funds.
The breakthrough came only in 2018. Chris started receiving emails from people associated with Intersango. The exchange’s former founders tried to contact former clients of the platform.
Chris ignored them at first. He suspected that the messages might be a fraud attempt. It was only his wife who convinced him to check whether the people behind the contact were actually trying to help former clients of the stock exchange.
An opportunity arises
The man turned for help to the CEL Solicitors law firm, which specializes in, among others, in recovering lost cryptocurrencies. The case was handled by Ryan Sweetnam, the firm’s director of financial disputes. It turned out that it was possible to recover the bitcoins. However, the formal issue and the need to collect appropriate documentation remained a problem.
According to the law firm, it took about four months to prepare the documents required in proceedings before American courts. Interestingly, the case did not end with a classic, long-term court battle. After completing the procedure, Chris got his 61 BTC back.
The value of cryptocurrencies is currently approximately USD 4.4 million.
However, Chris’s story also shows the other side of the cryptocurrency market. Bitcoin itself can remain available on the network for decades, but access to it can be lost due to problems with the exchange, wallet, private keys or platform storing the funds.
