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Old Intersango Bitcoin balances could unlock $433.5M for claimants
CEL Solicitors says it has traced more than 5,500 BTC tied to the defunct exchange, and a prior settlement returned 61 BTC worth about $4.81 million to a UK customer.
CEL Solicitors says it has traced more than 5,500 BTC it believes belonged to former users of Intersango, an early Bitcoin exchange that shut down more than a decade ago. Based on Bitcoin’s current price near $78,824, the firm estimates those coins are worth about $433.5 million.
The case highlights how dormant balances from Bitcoin’s earliest years may now support large ownership claims, but only if customers can prove an account balance connected to the traced assets. CEL says claimants need evidence linking an old account to the BTC, such as emails, bank statements, support tickets, and account records.
One UK customer already recovered 61 BTC from the exchange’s remains after being represented by CEL. The investor instructed the firm on Jan. 20, the matter settled on May 28, and the 61 coins were returned, valued at about $4.81 million.
CEL also points to the scale of the exchange’s operations during Bitcoin’s low-double-digit trading era, including an October 2012 plan to close its US-dollar market due to thin activity. At the time, Intersango offered 625 BTC for $12.10 each, valuing the batch at roughly $7,563, which CEL says is worth about $49.3 million at today’s price, as the exchange began winding down in late 2012 and later ceased operations.
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