Bitcoin: 12 Years Later, He Recovers His Wallet and Becomes a Millionaire
An investment of €1,750 forgotten for 12 years
The story begins in 2011. On the advice of a friend passionate about financial markets, Chris, a Brit who wishes to remain anonymous, decides to invest in Bitcoin (BTC). Cautious about this still-emerging asset, he places around €1,750 on Intersango, one of the first cryptocurrency exchange platforms in the UK, formerly known as Britcoin.
At the time, one bitcoin was trading at around €3.40. Within a few weeks, the value of his portfolio rises rapidly. But by 2012, the platform begins to encounter difficulties. By early 2014, the site becomes inaccessible, and users no longer receive any responses to their withdrawal requests.
Chris's account is then frozen, while the value of his bitcoins has already reached around €4,675. Since Intersango is not regulated by the Financial Conduct Authority (FCA), the British financial regulator, his options for recourse are virtually non-existent.
"They had the privilege of closing shop and leaving," lamented Chris when interviewed by LBC. After several unsuccessful attempts to recover his funds, Chris eventually moves on.
The legal battle that unlocks the fortune
In 2018, Chris receives emails from two co-founders of Intersango inviting former clients to come forward. Believing they are scams, he deletes them. It is not until 2026, encouraged by his wife, that he contacts CEL Solicitors, a firm specializing in recovering lost cryptocurrencies.
Ryan Sweetnam, head of financial litigation at CEL Solicitors, gathers the necessary documents to prove ownership of the funds and prepares the procedure with the American courts. According to him, the case was ultimately resolved through negotiation rather than a hearing.
Within a few months, dozens of bitcoins reappear in a wallet controlled by Chris. Their value is now equivalent to nearly €4 million at the time he recovered his funds.
Thousands of other bitcoins potentially at stake
Chris's case may be far from unique. According to LBC, the legal proceedings involving the three co-founders of Intersango revealed that one of them still holds around 5,500 BTC, valued at nearly €585 million. Some of these assets could belong to former British clients of the platform.
"It was the first time someone admitted that these assets were still somewhere." Ryan Sweetnam, head of financial litigation at CEL Solicitors.
He emphasizes, however, that the process of recovering funds can be lengthy and requires solid proof of ownership.
This case recalls the less fortunate story of James Howells. For over ten years, this Welsh engineer has been trying to obtain permission to search a landfill in Newport to find a hard drive containing the access keys to 8,000 BTC. His latest request was rejected by the British High Court in January 2025.
Chris, for his part, plans to keep some of his bitcoins and sell the rest to provide his family with a more suitable home. Still incredulous about this newfound fortune, he admits to opening his app "20 times a day" to check that the funds are still there.
-- Price
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