CEL Solicitors has traced over 5,500 BTC from Intersango, an early Bitcoin exchange that ceased operations in 2014, and is now facilitating ownership claims by former users who can provide documentary evidence of account balances. At current Bitcoin prices, the recovered assets are worth approximately $433.5 million.
Intersango operated when Bitcoin traded in low double digits. The exchange began winding down in late 2012 as GBP and USD trading ended due to thin trading activity. The website went dark by early 2014, and Companies House records show Intersango Ltd ceased to exist on March 22, 2016.
Settlement and Recovery Progress
One former UK customer has already recovered 61 BTC, valued at $4.81 million, following a May 28 settlement. A 2025 Court of Appeal opinion in Norman v. Strateman describes allegations that Patrick Strateman closed the exchange, retained Intersango assets, and refused to return customer Bitcoin. The appellate ruling sent the settlement back for judicial review of its fairness.
Court records from 2025 also describe a separate customer balance of 15.463 BTC, worth approximately $1.22 million at current prices. The scale of potential recovery underscores the price appreciation since the exchange’s closure: a batch of 625 BTC that Intersango offered for sale in October 2012 at $12.10 per BTC was worth $7,563 at the time. Those same coins would be worth approximately $49.3 million today, representing a 6,514x multiplier on the 2012 price.
Documentation Requirements
CEL says useful evidence for ownership claims can include the email address attached to an account, correspondence with Intersango, and bank statements documenting transfers to the exchange. Blockchain tracing can reconstruct asset movements across the public ledger, but personal ownership still requires records connecting an individual to an exchange account and specific balance.
A former investor instructed CEL on the recovery effort on January 20. The firm continues to field claims from users who hold documentary proof of their Intersango holdings.
