A British man recently recovered his bitcoins through legal proceedings after his account at an early Bitcoin exchange, Intersango, had been frozen for many years. At current prices, this asset is worth approximately 3.3 million pounds, far exceeding the 1,500 pounds he invested in 2011.
Bought in 2011, account frozen in 2014.
This man is named Chris. Reports show that in 2011, he followed his friend's advice to buy Bitcoin, at a time when the price of BTC was only a few pounds. He completed the purchase through an early British trading platform called Intersango.
However, by 2014, Intersango encountered operational problems and ceased operations. When Chris attempted to withdraw Bitcoin, they found that their account had been frozen. By that time, the value of this asset had risen to approximately £4,000. Since the platform was not regulated by the UK Financial Conduct Authority at that time, the remedies available to them were very limited.
After the lawyer's intervention, the recovery was completed.
Chris He always believed that this money could not be recovered thereafter. It wasn't until this year, upon the advice of his family, that he contacted CEL Solicitors, who specializes in handling cases related to the recovery of encrypted assets.
The legal team organized documents that could prove the ownership of their assets, and after negotiations and legal proceedings involving U.S. courts, assisted them in completing the return of those assets. The report did not disclose the exact amount returned, but it is estimated to be about 3.3 million pounds sterling, which is approximately 4.4 million U.S. dollars at current value.
Involving previous clients or affecting them as well
The person in charge of financial litigation, CEL Solicitors, stated to the media that in the lawsuit surrounding the founder of Intersango, there were allegations that one of the founders held approximately 5,500 bitcoins, which, at current prices, could be worth hundreds of millions of pounds.
He believes that at least a portion of these assets may belong to the platform's former customers. This means that, in addition to Chris, other users who once held assets in Intersango may also continue to seek recourse.
The report also mentioned that Chris has planned to sell some of their Bitcoin in order to purchase a larger home, while the remaining assets will continue to be held in the cryptocurrency market.
