A recent case before the UK’s High Court of Justice has unveiled allegations of a staggering cryptocurrency theft, with the plaintiff claiming that his estranged wife siphoned off approximately $172 million in Bitcoin. Ping Fai Yuen, the owner of more than 2,323 Bitcoin stored in a Trezor hardware wallet, reported the incident after noticing the sudden disappearance of his cryptocurrency.
According to court filings, on August 2, 2023, Ping discovered that all of his Bitcoin had been transferred from his wallet. The funds were subsequently divided among 71 different Bitcoin addresses in a series of transactions, with no further activity recorded since December 21, 2023. The warning from his daughter in July about Fun Yung Li’s alleged intentions prompted Ping to install audio recording equipment to protect his assets.
The recordings reportedly capture conversations involving Fun Yung Li, including her discussing installed CCTV and the security measures Ping had taken to guard his cryptocurrency. Court documents emphasize that Fun and her sister, Lai Yung Li, are accused of secretly recording Ping to extract his wallet’s seed phrase. The audio excerpts allegedly feature phrases such as “The Bitcoin has transferred to me” and “take all of it,” which have been used as evidence against Fun.
Ping’s confrontation with his wife after the theft escalated into a physical altercation, resulting in his arrest and a guilty plea for assault charges. Following his report to the police regarding the stolen Bitcoin, Fun was arrested with ten cold wallets found in her possession, three of which were linked to Ping. Despite the evidence, she was released after a no-comment interview and posting bail; police later indicated they would not pursue further action without new evidence.
In November 2025, Ping sought a legal resolution by applying for a proprietary asset preservation injunction, which would affirm his ownership over the Bitcoin, freeze Fun’s crypto assets, and compel the return of his cryptocurrency or an equivalent amount in GBP. During a hearing on March 2, Justice Cotter expressed confidence in Ping’s likelihood of success in his legal claim, citing strong evidence and the text of the recorded conversations as crucial pieces of the case.
The judge also pointed out that Fun has avoided providing her account of events, leading him to conclude the evidence appears compelling. Emphasizing the volatile nature of Bitcoin, Justice Cotter has called for an expedited trial to resolve the matter promptly.
