How recovery of 61 BTC unlocked a potential $432M treasure hunt for early Bitcoin users

CEL Solicitors says it has traced more than 5,500 BTC that it believes belong to former users of Intersango, an early Bitcoin exchange that disappeared more than a decade ago.

At Bitcoin’s current price near $78,824, those coins carry a value of roughly $433.5 million.

One former UK customer has already recovered 61 BTC from the exchange’s remains, giving other users a concrete example of an old balance turning into a successful ownership claim.

The investor instructed CEL on Jan. 20, and the case settled on May 28, returning all 61 coins, now worth about $4.81 million.

CEL says former Intersango users may have claims against the more than 5,500 BTC it has traced, and each claimant needs evidence connecting an old account balance to the assets.

That requirement places unusual value on records created during Bitcoin’s earliest years. Emails, bank statements, support tickets, and account records that once documented balances worth a few dollars can now support claims worth millions.

Bitcoin turned forgotten balances into fortunes

Intersango operated when Bitcoin still traded in the low double digits. In October 2012, the exchange planned to close its US-dollar market because trading activity had become too thin to justify keeping it open.