British investor thought he lost $2,000 in bitcoin in 2012. He just recovered $4.5 million
A British investor successfully recovered $4.5 million in bitcoin after losing access to his wallet in 2012. Legal experts used crypto-tracing software to identify the funds, which had appreciated significantly over the last 15 years.
Why it matters
It underscores the potential for asset recovery in the cryptocurrency space while highlighting the risks and complexities of early-stage digital investments.
He bought his first bitcoin back in December 2011 through Britcoin, a U.K. exchange that later became Intersango. The exchange stopped trading in late 2012, before going offline by early 2014.
“The worst thing was seeing Bitcoin grow and knowing what I could have done with the money,” said the man, identified only through the pseudonym “Chris.”
His initial investment was of around 1,500 pounds ($2,000). His holdings rose to $5,400 before Chris lost access to the funds.
“When I lost access to the wallet it was a big shock and quite devastating, because we weren’t in a great financial position,” he said. “I had a young family, a new home and it was money I couldn’t afford to lose. “
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