CryptoSlate
CEL Solicitors has traced more than 5,500 BTC it says belongs to former users of Intersango, a Bitcoin exchange that shut its GBP and USD books in late 2012 and was struck off the UK register on March 22, 2016. At prices near $78,824, that pool is worth roughly $433.5 million. One former UK customer has already recovered 61 BTC, now valued at about $4.81 million, after instructing the firm on January 20 and settling on May 28. The recovery worked because the customer still held records connecting an old account balance to the exchange.
Why it matters
The 61 BTC settlement is the first concrete proof that an old balance can become a successful ownership claim more than a decade after the exchange disappeared. California court records and a 2025 Court of Appeal opinion in Norman v. Strateman describe allegations that founder Patrick Strateman closed the exchange and retained Intersango assets. The appellate ruling sent a related settlement back for judicial review, establishing a documented legal framework for unresolved Intersango property claims. A separate 2025 filing points to another alleged customer balance of 15.46306965 BTC, worth about $1.22 million today.
The case pivots on evidence, not blockchain forensics. Useful documentation includes the email tied to the account, correspondence with Intersango, and bank statements from transfers to the exchange. Pulling bank records from almost fifteen years earlier was a central hurdle in the 61 BTC case. Blockchain tracing can reconstruct where the coins moved, but only personal records can tie those movements to a specific user.
Market impact
The economics of the chase have shifted dramatically with price. Intersango's October 2012 batch of 625 BTC sold for about $12.10 each, valuing the entire batch at roughly $7,563 at the time. Those same coins are now worth about $49.3 million, a roughly 6,514x move. At $100,000 BTC, the traced 5,500 BTC pool would reach $550 million and a 5 BTC old balance would justify $500,000 in legal work. Even at a $50,000 bear-case price, the same 5,500 BTC pool still represents about $275 million of potential claim value.
Frequently asked questions
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What was Intersango and when did it shut down?
An early UK-based Bitcoin exchange that began winding down in late 2012. Its GBP and USD trading ended that year, the website went dark in early 2014, and Companies House records show the company was struck off on March 22, 2016.
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How much Bitcoin has CEL traced in the Intersango case?
CEL Solicitors says it has traced more than 5,500 BTC the firm believes belongs to former Intersango users. At prices near $78,824, that pool is worth roughly $433.5 million.
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Has any former Intersango user actually recovered Bitcoin?
Yes. One former UK customer recovered all 61 BTC after instructing CEL on January 20 and settling on May 28. The returned coins are worth about $4.81 million at the time of recovery.
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Why is evidence so important to these claims?
Blockchain tracing follows coins across the public ledger, but ownership claims need records tying those movements to an individual user. Useful documentation includes the email attached to the account, bank statements from transfers to the exchange, and old support tickets or correspondence.
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What did the 2025 Court of Appeal ruling establish?
The Norman v. Strateman opinion sent a related settlement back for judicial review of its fairness, creating a documented legal framework around unresolved Intersango property claims. The case involved allegations that founder Patrick Strateman retained exchange assets after closing the platform.
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