Businessman Accuses Estranged Wife of Filming Passwords to Steal £180m in Bitcoin
In a sensational High Court case, businessman Ping Fai Yuen has alleged that his estranged wife, Fun Yung Li, secretly filmed him entering his bitcoin passwords at their family home, enabling her to steal cryptocurrency worth approximately £180 million. The accusations emerged as the couple were discussing divorce proceedings, with court documents detailing a complex alleged scheme involving covert surveillance and digital asset theft.
Alleged Covert Surveillance Operation
According to the legal filings, Mr Yuen claims that in August 2023, Ms Yuen set up CCTV cameras in their residence without his knowledge. These cameras allegedly recorded him as he accessed and secured his bitcoin passwords. The cryptocurrency was stored in a blockchain address protected by a private key, which was kept in a "cold wallet"—a physical device called a Trezor that was not connected to the internet. This device required a six-digit PIN for access, but anyone with knowledge of Mr Yuen's "seed phrase" (a randomly generated set of 24 words) could recreate the wallet on another device.
After being alerted by his daughter about potential theft attempts, Mr Yuen installed audio recording equipment in the home. He asserts that these recordings captured Ms Yuen discussing the CCTV setup and the bitcoin, including one instance where she allegedly said, "The Bitcoin has transferred to me but can it be seen that you have taken it?" Another recording reportedly features conversations about using the virtual currency for purchases in Hong Kong, where Ms Yuen originates.
Legal Proceedings and Police Involvement
The case has seen significant legal developments, with Mr Yuen reporting the missing cryptocurrency to the police in December 2023. Officers arrested Ms Yuen and conducted a search of the property, seizing multiple items including ten cold wallets, five recovery seeds, and several watches. She was released on bail, and authorities later stated they would take no further action pending new evidence. In a separate incident, Mr Yuen was convicted of assault occasioning actual bodily harm and two counts of common assault against Ms Yuen in September 2024, following a confrontation about the missing bitcoin.
Mr Justice Cotter, presiding over the High Court case, has remarked that Mr Yuen has a "very high probability of success" and described the audio recording transcripts as "damning." He noted that Ms Yuen has had numerous opportunities to present her side of the story but has declined to do so. In an affidavit, Ms Yuen stated she was "unaware of any information required to be provided in response to the matters."
Financial and Technical Details
The value of the stolen bitcoin has fluctuated between £160 million and £180 million during the course of the legal proceedings, according to court documents. Mr Yuen alleges that his wife transferred the cryptocurrency to 71 other blockchain addresses, complicating recovery efforts. He is now suing both his estranged wife and her sister, seeking the return of the bitcoin or its equivalent monetary value, along with a worldwide freezing order on their crypto assets.
This case highlights the intersection of personal relationships, cybersecurity vulnerabilities, and the high-stakes world of cryptocurrency. As digital assets become increasingly valuable, such incidents underscore the importance of robust security measures and the legal challenges in prosecuting alleged theft in the decentralized realm of blockchain technology.
